Karur Vysya Bank share price jumps over 4% as RBI okays reappointment of MD & CEO

Karur Vysya Bank shares rose over 4% on Monday's trade after the Reserve Bank of India (RBI) approved the bank's request to re-appoint B Ramesh Babu as managing director (MD) and chief executive officer (CEO) for a three-year term. Karur Vysya Bank share price opened at ₹129 apiece on BSE.

The scheduled commercial bank stated in an exchange filing from January that its board had considered and approved the proposal for re-appointing B Ramesh Babu as the Managing Director and CEO of the Bank, for a further period of three years, with effect from July 29, 2023, subject to the approval of the RBI and the bank's shareholders.

B Ramesh Babu has been a strategic planner with extensive managerial acumen, diverse banking expertise, and has excelled in every assignment while building high-performing organisations through numerous successful HR initiatives and relationship management.

Prior to joining the bank as MD & CEO, he was Ex-Deputy Managing Director & Chief Operating Officer in State Bank of India and has experience of developing and overseeing the Retail Business and Banking Operations for more than 21,000 retail branches and 1,20,000 other touch points of the Bank (ATMs/ Customer Service Points) successfully, according to the exchange filing.

On the technical front, as per trendlyne data, the stock price rose 184.3% and outperformed its sector by 150.9% in the past year.