The Karnataka Bank Limited announced that Mr. Mahabaleshwara M S has ceased to be Managing Director & CEO of the Bank with effect from close of business hours on April 14, 2023 upon completion of his tenure. Further, in continuation to the company's earlier submission dated April 12, 2023, Mr. Sekhar Rao (Executive Director) has assumed charge as an interim Managing Director & CEO with effect from April 15, 2023 in terms of RBI approval dated April 12, 2023. Mr. Sekhar Rao has 29+ years of overall work experience, of which 19 years in BFSI sector, specifically in Banking, Information Technology, Payment and Settlement Products, Business Management, Strategy & Operations.

He has 10+ years of experience in CXO roles reporting to MD & CEO and Board Committees. He has been in Banking since July 2003.