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News Topical, Digital Desk : Karnataka Bank Chief Executive Officer (CEO) Srikrishnan Hari Hara Sarma has resigned from his post. According to a Moneycontrol report, sources say that Sharma submitted his resignation on Friday. The bank's executive director Shekhar Rao, who is the most senior officer after Sharma, is also likely to resign by July 30. Karnataka Bank is listed on the stock market and its impact can be seen on the company's shares when the stock market opens on Monday.
What is the matter
It is being told that there were differences between Sharma, Rao and the bank's board over a particular expenditure made by the bank, due to which Sharma decided to leave the post. According to the report, clarification was sought from the bank in this regard but no reply was received till the news was published. It is believed that these differences came to the fore in May when the statutory auditors of the bank mentioned an expenditure of about Rs 1.53 crore in their notes, which was related to the appointment of a consultant and other purposes. This expenditure was in excess of the prescribed rights of the bank's whole time directors and was not approved by the board. The auditors commented, "Therefore this amount is to be recovered from the concerned directors." About the bank Karnataka Bank Limited is a large private bank established in 1924 in Mangaluru, Karnataka. This bank is listed as a schedule commercial bank by the Reserve Bank of India. The headquarters of Karnataka Bank is located in Mangaluru and it provides its banking services in many parts of India. The bank is continuously working towards digital transformation and also provides modern services like net banking, mobile banking and UPI to its customers. Karnataka Bank is known for its transparency, customer service and stability. Stock performance The bank's stock closed at Rs 208.70 on Friday with a gain of 0.38 per cent. In the last one year, the bank's stock has seen a decline of 6.83 per cent.
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