Karnataka Bank
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| Type | Private BSE & NSE:Karnataka Bank, |
|---|---|
| Founded | 1924 (as The Karnataka Bank Limited) |
| Headquarters | Karnataka Bank Ltd., Mahaveera Circle, Kankanady, Mangalore, India |
| Industry | Banking |
| Products | Loans, Credit Cards, Savings, Investment vehicles |
| Revenue | ▲ USD |
| Total assets | Rs. |
Karnataka Bank Limited is a private sector banking institution based in the town of Mangalore in Karnataka, India. The Reserve Bank of India has designated Karnataka Bank as an A-class scheduled commercial bank.
The bank now has a national presence with a network of some 436 branches across 19 states and 2 Union Territories. It has over 4,800 employees and 3.5 million customers, including farmers and artisans in villages and small towns throughout the country. Its shares are entirely privately-owned by some 68,942 shareholders.[1][2][3]
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[edit] Current position
For the quarter that ended on December 12, 2008, the total interest earned was Rs. 508.4 crores.[1] The total income for the bank was Rs. 607.17 crores and the expenditure, Rs. 468.86 crores, thereby yielding a profit of Rs. 138.31 crores.[1]
The Karnataka Bank has been striving to keep pace with advances in banking technology by adopting Core banking and Internet banking, and establishing its MoneyPlant Automated Teller Machine system.
In August 2008, Karnataka Bank received the Sun and NDTV Green IT Award. Sun Microsystems and NDTV gave the award to Karnataka Bank in recognition of the bank's "green policies" and use of earth-friendly technology such as solar power.[4][5][6][7][8][9]
[edit] History
The Karnataka Bank was incorporated on February 18, 1924, as The Karnataka Bank Limited at Mangalore, a coastal town in the Dakshina Kannada district of Madras Presidency, and commenced business on May 23, 1924.[10] Among the founders, who created the bank to serve the South Kanara region, was B. R. Vysarayachar.[10] Another important personality associated with the bank was K. S. N. Adiga, who served as Chairman from 1958 to 1979.[10]
- 1964: The Bank took over the assets and liabilities of the Chitradurga Bank (also known as Chitladurg Bank), which was established in 1868 in Mysore State and was the oldest bank in Mysore.
- 1966: The Bank took over the assets and liabilities of the Bank of Karnataka, in Hubli, which had been established in 1946 and which had opened one branch in Belgaum in 1947.
At some earlier point the bank also acquired the Sringeri Sharada Bank.
In the year 2000, Karnataka Bank signed a memorandum of understanding with Infosys Technologies to develop a core-banking solution called FINACLE.[11] Over 221 branches were networked up to March 31, 2004.[12] The main motto of this programme is "Anytime/Anywhere banking". [12] In 2002, the bank concluded a pact with Corporation Bank for sharing its ATMs.[11] A year later, the bank introduced the Moneyplant card that allows customers to withdraw money from any of their Karnataka bank accounts.[11][13]
In September 2003, the bank shifted its head office from Kodialbail to Kankanady.[10][11]
[edit] Services
In August 2008, the Karnataka Bank introduced Quick Remit, a facility to make money transfer easy for Non-Resident Indians living in Canada, USA and the UK.[14][15] The bank also runs a 24-hour internet banking service called Moneyclick.[16]
Karnataka Bank also offers multi-branch banking, deposit schemes as Abhyudaya cash certificate, fixed deposits, ready money deposit, Soulabhya deposit, cumulative deposit, Platinum lakhpathi, insurance linked savings bank deposit, K-Flexi deposit, resident foreign currency (domestic) account, NRI services, Senior Citizens Deposit Scheme and loan schemes as Vidyanidhi education loan scheme, Apna ghar home loans, car finance scheme, Varthak loans, Easy ride, Scheme for salaried persons, Udyog mithra, Niveshan loans, Krishi card, K-Power, Lease ‘n’ Encash, Suvarna Nidhi, InstaCash and VahanaMitra.[13]
[edit] See also
[edit] Notes
- ^ a b c "Current financial statement-for the Quarter that ended Dec. 2008". Karnataka Bank Ltd.. http://www.karnatakabank.com/ktk/CurrFinancialStmt_Dec2008.htm.
- ^ "Key offices". Karnataka Bank Ltd.. http://karnatakabank.com/ktk/KeyOffices.jsp.
- ^ SEBI profile, pg. 38
- ^ Karnataka Bank, Ltd. (August 27, 2008). "Karnataka Bank Wins Sun and NDTV Green IT Award". Press release. http://www.karnatakabank.com/ktk/archive/news/2008/08/27/award.html.
- ^ "Karnataka Bank bags Green Prize". Deccan Chronicle. August 26, 2008. http://www.dc-epaper.com/dc/dcb/2008/08/26/ArticleHtmls/26_08_2008_006_002.shtml.
- ^ "Sun Technovate '08". Sun Microsystems. http://www.sercononline.com/technovate08/edm/ndtv_technovate_.htm.
- ^ "Mangalore: Karnataka Bank Wins Sun and NDTV Green IT Award". Daijiworld. August 25, 2008. http://www.daijiworld.com/news/news_disp.asp?n_id=50244&n_tit=Mangalore%3A+Karnataka+Bank+Wins+Sun+and+NDTV+Green+IT+Award.
- ^ "Karnataka Bank wins Sun and NDTV Green IT Award". Karmayog. http://www.karmayog.org/csr1to500/csr1to500_20561.htm.
- ^ "Bank wins Green IT award". Deccan Herald. August 25, 2008. http://www.deccanherald.com/CONTENT/Aug272008/district2008082686778.asp.
- ^ a b c d SEBI profile, pg. 34
- ^ a b c d SEBI profile, pg. 35
- ^ a b SEBI profile, pg. 56
- ^ a b SEBI profile, pg. 40
- ^ "Quick Remit Money Transfer Service". Karnataka Bank Ltd.. https://remit.karnatakabank.com/.
- ^ "Karnataka Bank launches new facility". The Hindu. September 30, 2008. http://www.hindu.com/2008/08/30/stories/2008083055070500.htm.
- ^ "Internet banking". Karnataka Bank Ltd.. http://karnatakabank.com/ktk/InternetBanking.jsp.
[edit] References
- "SEBI Profile:Karnataka Bank". Securities and Exchange Board of India. http://www.sebi.gov.in/dp/karbank1.pdf.
[edit] External links
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