Karnataka Bank has named Raghavendra Srinivas Bhat as its interim Managing Director and Chief Executive Officer, stepping into the position from July 2025. This appointment arrives at a pivotal time for the bank, following the resignations of Srikrishnan Hari Hara Sarma, the former MD and CEO, and Executive Director Sekhar Rao, both of whom cited personal and relocation reasons for their decisions to step down. Their departures signal a significant leadership reshuffle at one of the country’s prominent private sector banks.
Bhat, a veteran of Karnataka Bank, has been associated with the institution for over four decades, starting his career in 1981 as a clerk. Over the years, Bhat progressed through various roles, eventually becoming Chief Operating Officer in 2019 and being re-appointed to this role earlier in July 2025, just ahead of taking the interim helm. His elevation to the leadership role provides the bank with an experienced hand to steer through the ongoing transformation and maintain operational stability during this period of change.
The transition period follows after Srikrishnan Hari Hara Sarma’s resignation, which he attributed to personal needs and his intention to relocate to Mumbai. Sekhar Rao, the now-former Executive Director, similarly resigned, pointing to personal reasons and constraints in relocating to Mangaluru. Sarma’s resignation took effect on July 15, while Rao’s will be official from July 31. To ensure smooth operations and uphold confidence among stakeholders, the Karnataka Bank Board has promptly constituted a search committee tasked with finding permanent successors for the top executive roles.
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The appointment of Bhat as interim MD and CEO is a part of a broader organizational response to safeguard business continuity and address investor concerns amid the abrupt leadership exits. The bank affirmed that Raghavendra S Bhat is not barred by any regulatory authority and he is not related to any existing directors.
Meanwhile, Karnataka Bank has reassured its stakeholders of its financial soundness and commitment to ongoing transformation, indicating that strategic objectives and growth initiatives will progress undisturbed under the interim leadership.
