Karnataka Bank

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Karnataka Bank Limited
(Kannada: ಕರ್ಣಾಟಕ ಬ್ಯಾಂಕ್ ಲಿಮಿಟೆಡ್)
Type Private
BSE & NSE:Karnataka Bank,
Industry Banking
Founded 1924
Headquarters Karnataka Bank Ltd.,
Mahaveera Circle,
Kankanady,
Mangalore, India
Products Loans, Credit Cards, Savings, Investment vehicles
Revenue Increase USD
Total assets Rs.31,693.01 crore[1]
Website www.karnatakabank.com

Karnataka Bank is a private sector banking institution based in the coastal city of Mangalore in Karnataka, India. The Reserve Bank of India has designated Karnataka Bank as an A1+-class scheduled commercial bank.

The bank now has a national presence with a network of some 628 branches across 20 states and two Union territories. It has over 6084 employees and 6.7 million customers, including farmers and artisans in villages and small towns throughout the country. Its shares are entirely privately owned by some 1,05,099 shareholders.[2][3][4]

Current position[edit]

in the financial INR2370.84 crores.[2] The total income for the bank was INR2662.60 crores and the expenditure, INR2307.31 crores, thereby yielding a profit of INR204.61 crores.[2]

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.

The bank has the Best Bank Award for "Managing IT Risk" under small bank category for the year 2010-11, instituted by Institute for Development and Research in Banking Technology (IDRBT). Shri Anand Sinha, deputy governor, Reserve Bank of India and chairman, IDRBT presented the award to Shri P. Jayarama Bhat, managing director at a function held in Hyderabad on 4 August 2011 in the presence of Shri B. Sambamurthy, director, IDRBT.[5]

In August 2008, Karnataka Bank received the Sun and NDTV Green IT Award. Sun Microsystems and NDTV gave the award to in recognition of the bank's "green policies" and use of earth-friendly technology such as solar power.[6][7][8][9][10][11]

History[edit]

Karnataka Bank 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 Madras Presidency.[12] Among the founders, who created the bank to serve the South Kanara region, was B. R. Vysaray Achar.[12] Another important personality associated with the bank was K. S. N. Adiga, who served as Chairman from 1958 to 1979.[12]

In the 1960s Karnataka Bank acquired three smaller banks. In 1960 Karnataka Bank acquired the Sringeri Sharada Bank, which was established in 1942 and which had four branches when Karnataka acquired it. Four years later, Karnataka 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. Lastly, in 1966 Karnataka Bank took over the assets and liabilities of the Bank of Karnataka, in Hubli. Bank of Karnataka had been 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 2000, Karnataka Bank signed a memorandum of understanding with Infosys Technologies to develop a core-banking solution called FINACLE.[13] Over 221 branches were networked up to March 31, 2004.[14] The main motto of this programme is "Anytime/Anywhere banking".[14] In 2002, the bank concluded a pact with Corporation Bank for sharing its ATMs.[13] A year later, the bank introduced the Moneyplant card that allows customers to withdraw money from any of their Karnataka bank accounts.[13][15]

In September 2003, the bank shifted its head office from Kodialbail to Kankanady.[12][13]

List of chairmen[edit]

  • B. R. Vyasaraya Achar 1924-1958
  • K. Sooryanarayana Adiga (November 23, 1958-February 15, 1979)
  • K. N. Basri (February 15, 1979-February 19, 1980)
  • P. Raghuram (June 16, 1980-June 15, 1985)
  • P. Sundar Rao (September 11, 1985-September 10, 1989)
  • H. M. Rama Rao (January 11, 1990-January 11, 1993)
  • U. V. Bhat (June 28, 1993-June 27, 1995)
  • M. S. Krishna Bhat (July 12, 1995-July 11, 2000)
  • Ananthakrishna (July 13, 2000-July 11, 2009)
  • P. Jayaram Bhat (for next three years from July 12, 2009)

Services[edit]

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.[16][17] The bank also runs a 24-hour Internet banking service called Moneyclick.[18]

Karnataka Bank 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 loans, 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.

See also[edit]

References[edit]

  1. ^ "Karnataka Bank Ltd. Balance Sheet". wwww.moneycontrol.com
  2. ^ a b c "Current financial statement for the year ended 31 March 2011. 2011". Karnataka Bank Ltd. 
  3. ^ "Key offices". Karnataka Bank Ltd. 
  4. ^ SEBI profile, pg. 38
  5. ^ "Bank Bags IT Award" (Press release). Karnataka Bank, Ltd. August 4, 2011. 
  6. ^ "Karnataka Bank Wins Sun and NDTV Green IT Award" (Press release). Karnataka Bank, Ltd. August 27, 2008. 
  7. ^ "Karnataka Bank bags Green Prize". Deccan Chronicle. August 26, 2008. 
  8. ^ "Sun Technovate '08". Sun Microsystems. 
  9. ^ "Mangalore: Karnataka Bank Wins Sun and NDTV Green IT Award". Daijiworld. August 25, 2008. 
  10. ^ "Karnataka Bank wins Sun and NDTV Green IT Award". Karmayog. 
  11. ^ "Bank wins Green IT award". Deccan Herald. August 25, 2008. 
  12. ^ a b c d SEBI profile, pg. 34
  13. ^ a b c d SEBI profile, pg. 35
  14. ^ a b SEBI profile, pg. 56
  15. ^ SEBI profile, pg. 40
  16. ^ "Quick Remit Money Transfer Service". Karnataka Bank Ltd. 
  17. ^ "Karnataka Bank launches new facility". The Hindu. September 30, 2008. 
  18. ^ "Internet banking". Karnataka Bank Ltd. 

External links[edit]