Karnataka Bank

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The Karnataka Bank Limited
Company typeScheduled commercial bank
BSE: 532652
NSE: KTKBANK
IndustryBanking, financial services
Founded18 February 1924; 100 years ago (18 February 1924)
HeadquartersMangaluru, Karnataka, India
Key people
ProductsRetail banking, corporate/wholesale banking, treasury operations, credit card, bancassurance
RevenueIncrease₹7,092.33 crore (US$890 million) (2022)[1]
Decrease 1,634.00 crore (-14.37%) (2022)[1]
Increase ₹508.62 crore (US$64 million) (5.40%) (2022)[1]
Total assetsIncrease ₹92,040.55 crore (7.50%) (2022)[1]
Number of employees
8,519 (2022)[1]
Capital ratio15.66%[1]
Websitekarnatakabank.com

Karnataka Bank Limited is an old generation private sector bank. It is an 'A' Class Scheduled Commercial Bank based in Mangaluru in Karnataka, India. Karnataka Bank Limited has a network of 890 branches, 1 Extension Counter, 885 ATMs, 563 Cash Recyclers and 546 e-lobbies/mini e-lobbies across 22 states and 2 union territories. It has 8,519 employees and over 11 million customers throughout the country. Its shares are privately owned by over 1,46,000 shareholders. The tagline of the bank is "Your Family Bank Across India".[2][3]

Karnataka Bank Limited has adopted Core banking, Internet banking and has established its "MoneyPlant" [885 ATMs, 563 Cash Recyclers and 546 e-lobbies/mini e-lobbies] system across the country.

Karnataka Bank Limited, has operationalized its wholly owned non-financial subsidiary ‘KBL Services Limited’ w.e.f 30.03.2021. The KBL Services Ltd is having its Registered & Head Office at Bengaluru. Shri Mahabaleshwara M.S, Managing Director & CEO of Karnataka Bank Limited, is the Non Executive Chairman of KBL Services Limited while Shri Manjunatha Bhat B.K, is the Chief Executive Officer.

History

Karnataka Bank Limited was incorporated on 18 February 1924, and commenced business on 23 May 1924. Its founders established it at Mangalore, a coastal town in the Dakshina Kannada district of Karnataka.[4] Among the founders, who created the bank to serve the South Kanara region, was B. R. Vysaray Achar.[4] K. S. N. Adiga, who served as the chairman from 1958 to 1979.[4]

In the 1960s Karnataka Bank Limited acquired three smaller banks. In 1960 Karnataka Bank Limited acquired the Sringeri Sharada Bank, which was established in 1942 had four branches. Four years later, Karnataka Bank Limited took over Chitradurga Bank (also known as Chitladurg Bank), which was established in 1868 in Mysore State and was the oldest bank in Mysore. In 1966, Karnataka Bank Limited took over Bank of Karnataka. Bank of Karnataka was established in 1946 and had opened one branch in Belgaum in 1947. At the time of this acquisition, Bank of Karnataka had 13 branches.

In September 2003, the bank shifted its head office from Kodialbail to Kankanady.[4][5]

Services

The branches are available in 22 Indian states and 2 Union Territories. In August 2008, the Karnataka Bank Limited introduced Quick Remit, a facility to make money transfer easy for Non-Resident Indians living in Canada, United States, and the UK.[6][7] The bank also runs a 24-hour Internet banking service called MoneyClick.[8]

Karnataka Bank Limited provides business and personal banking products and services in India. The bank operates in four segments: Treasury, Corporate/Wholesale Banking, Retail Banking, and Other Banking Operations. It accepts savings and current accounts, cash certificates, fixed and cumulative deposits, non-resident rupee accounts, ordinary non-resident accounts, and foreign currency accounts; and offers loan products, such as vehicle, home, education, personal, MSME, mortgage, women entrepreneur, gold, and other loans, as well as loans against property and fixed deposits. The bank also provides debit, credit, gift, deposit only, image, and travel cards; life, general, and health insurance products; investments services; and remittance and other services. In addition, it offers forex services, which include pre and post-shipment, export collection bills, export LC advising, inward remittance facility, import letter of credit, import bill collection, buyer's credit, and outward remittances. Additionally, it offers various loans for agriculture; and other services, such as Internet banking, mutual funds, demat services, locker facility, and funds transfer services.[citation needed]

Digital banking

  • KBL Mobile Plus
  • KBL mPassbook
  • BHIM KBL UPI App
  • KBL POS Manager
  • KBL MoneyClick Internet Banking

C.E.O & M.D/ Chairman

  • B. R. Vyasaraya Achar (1924-1958)
  • K. Suryanarayana Adiga (23 November 1958 – 15 February 1979)
  • K. N. Basri (15 February 1979 – 19 February 1980)
  • P. Raghuram (16 June 1980 – 15 June 1985)
  • P. Sundar Rao (11 September 1985 – 10 September 1989)
  • H. M. Rama Rao (11 January 1990 – 11 January 1993)
  • U. V. Bhat (28 June 1993 – 27 June 1995)
  • M. S. Krishna Bhat (12 July 1995 – 11 July 2000)
  • Ananthakrishna (13 July 2000 – 11 July 2009)
  • Polali Jayarama Bhat (12 July 2009 – 10 April 2017)
  • Mahabaleshwara M. S (15 April 2017- )

Controversy

Karnataka Bank reported Rs 285 crore fraud to Reserve Bank of India by DHFL, Religare Finvest, Fedders Electric and Engineering Ltd and Leel Electricals Ltd. [9]

See also

References

  1. ^ a b c d e f "Balance Sheet 31.03.2022" karnatakabank.com
  2. ^ "Key offices". Karnataka Bank Ltd.
  3. ^ SEBI profile, pg. 38
  4. ^ a b c d SEBI profile, pg. 34
  5. ^ SEBI profile, pg. 35
  6. ^ "Quick Remit Money Transfer Service". Karnataka Bank Ltd. Archived from the original on 31 January 2010. Retrieved 7 March 2009.
  7. ^ "Karnataka Bank launches new facility". The Hindu. 30 September 2008. Archived from the original on 2 September 2008.
  8. ^ "Internet banking". Karnataka Bank Ltd.
  9. ^ "Karnataka Bank reports Rs 285 crore fraud by DHFL, Religare Finvest and two others". The Statesman. 6 June 2020. Retrieved 23 July 2022.
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