Raghavendra S Bhat has taken over as the new Managing Director and CEO of Karnataka Bank, assuming charge at the bank’s corporate headquarters in Mangaluru. In his inaugural address, Bhat alleviated concerns about the bank’s stability, emphasizing that it remains “fundamentally strong” with a consistent track record of profitability and dividend declarations since its inception. This achievement is notable in the Indian banking sector, where few institutions can claim such a streak.
Bhat outlined his immediate goals, aiming to increase the bank’s business turnover from Rs 1.8 lakh crore to Rs 2 lakh crore. He expressed his commitment to acting in the best interest of the bank and its stakeholders, indicating a dedication to growth and sustainability. Addressing speculation about potential changes, Bhat firmly denied any plans to relocate the bank’s headquarters from Mangaluru or to alter its name, citing the institution’s pride in its regional roots and legacy.
With nearly four decades of service at Karnataka Bank, Bhat’s career trajectory is a testament to his dedication and ascent within the organization. Starting as a clerk in 1981, he progressed through the ranks to become Chief General Manager and Chief Operating Officer before his retirement in 2019. His return to the institution is marked by a sense of pride and a deep understanding of the bank’s values and mission.
Bhat called for collective support from both employees and customers, underscoring the bank’s commitment to supporting crucial sectors such as agriculture and MSMEs (Micro, Small, and Medium Enterprises). His vision emphasizes continuity and growth, building on the bank’s existing strengths while navigating future challenges. By doing so, Bhat aims to reinforce Karnataka Bank’s position as a stalwart in the Indian banking landscape, leveraging its unique history and regional presence to drive success.