| Type | Private BSE & NSE:Karnataka Bank, |
|---|---|
| Industry | Banking |
| Founded | 1924 (as The Karnataka Bank Limited) |
| Headquarters | Karnataka Bank Ltd., Mahaveera Circle, Kankanady, Mangalore, India |
| Products | Loans, Credit Cards, Savings, Investment vehicles |
| Revenue | USD |
| Total assets | Rs. |
| Website | www.karnatakabank.com |
Karnataka Bank Limited (Kannada: ಕರ್ನಾಟಕ ಬ್ಯಾಂಕ್ ಲಿಮಿಟೆಡ್) 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 A1+-class scheduled commercial bank.
The bank now has a national presence with a network of some 479 branches across 20 states and 2 Union territories. It has over 5844 employees and 4.84 million customers, including farmers and artisans in villages and small towns throughout the country. Its shares are entirely privately owned by some 86,868 shareholders.[1][2][3]
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For the fiscal year ending 31 March 2011, the total interest earned was 2370.84 crores.[1] The total income for the bank was 2662.60 crores and the expenditure, 2307.31 crores, thereby yielding a profit of 204.61 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.
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.[4]
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.[5][6][7][8][9][10]
The Karnataka Bank was incorporated on February 18, 1924, as the Karnataka Bank Limited and commenced business on May 23, 1924. Its founders established it at Mangalore, a coastal town in the Dakshina Kannada district of Madras Presidency.[11] Among the founders, who created the bank to serve the South Kanara region was B. R. Vysaray Achar.[11] Another important personality associated with the bank was K. S. N. Adiga, who served as cChairman from 1958 to 1979.[11]
In 2000, Karnataka Bank signed a memorandum of understanding with Infosys Technologies to develop a core-banking solution called FINACLE.[12] Over 221 branches were networked up to March 31, 2004.[13] The main motto of this programme is "Anytime/Anywhere banking".[13] In 2002, the bank concluded a pact with Corporation Bank for sharing its ATMs.[12] A year later, the bank introduced the Moneyplant card that allows customers to withdraw money from any of their Karnataka bank accounts.[12][14]
In September 2003, the bank shifted its head office from Kodialbail to Kankanady.[11][12]
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.[15][16] The bank also runs a 24-hour Internet banking service called Moneyclick.[17]
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.[14]