11 June 2016 Current Affairs: M.S. Krishna Bhat, former Chairman of Karnataka Bank (1995-2000), who is credited with consolidating the position of the Bank, passed away on 11 June 2016.
Mr. Bhat joined Karnataka Bank in 1970. He was promoted as General Manager in 1989 and became the Chief General Manager in 1994. He took over as Chairman on July 12, 1995 for a period of two years, which was extended for another three years up to July, 2000.
Its capital expansion programme, in October 1995, by way of public issue of shares at a premium, received overwhelming response from investors even in the midst of adverse market conditions. He was known for straight-forwardness, foresight, and quick decision-taking capacity.
The total business also more than tripled, registering a growth rate much higher than the industry growth rate. The Bank also secured the highest P1+ rating for its Certificate of Deposits from CRISIL, and it also ventured into the leasing and hire purchase business. Computerisation of banking operations was initiated during his tenure.