Karur Vysya Bank appoints Ramesh Babu Boddu as MD & CEO

Karur Vysya Bank on Tuesday announced that it has appointed Ramesh Babu Boddu as Managing Director and Chief Executive Officer.

In a regulatory filing Karur Vysya Bank said its board of directors in a meeting held on July 20, have co-opted Ramesh Babu Boddu as an additional director and appointed him as the MD and CEO of the bank for a period of three years.

Boddu's three-year tenure is effective from the date of taking charge, on the terms and conditions approved by Reserve Bank of India, the filing said.

In January this year, Karur Vysya Bank had said that Managing Director and CEO P R Seshadri has resigned citing personal reasons.

In June, the bank had reported a 39.5 per cent jump in net profit at Rs 83.70 crore for the quarter ended March 2020 on higher income from other sources. It had posted a net profit of Rs 60.02 crore during the corresponding period of 2018-19.

Income during the quarter under review rose to Rs 1,803.15 crore from Rs 1,746.04 crore in last quarter of 2018-19.

Shares of Karur Vysya Bank were trading at Rs 31.70 apiece on the BSE, up 0.79 per cent over its previous close