Tag: Karnataka Bank

Karnataka Bank launches CASA campaign

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Karnataka Bank launched CASA (current account savings account) campaign for 2021–22, and introduced a new current account scheme — KBL Current Account – Premium — specifically designed to meet the needs of small and medium entrepreneurs.

A media statement said that the bank intends to mobilise more than 4.15 lakh current and savings accounts through active involvement of its 8000-plus workforce in all the 858 branches of the bank across India under this campaign from November 15 to February 28.

Also see: Karnataka Bank sponsors ECGs for Udupi gram panchayats

Quoting Mahabaleshwara MS, Managing Director and Chief Executive Officer of the bank, the statement said the bank is proud to introduce yet another value-added current account scheme – KBL Current Account – Premium — at the launch of CASA mobilisation campaign.

Digitally powered savings account products

Under this scheme, customers can have a new current account by maintaining a monthly average balance of ₹25,000 and can avail a host of premium facilities.

Also see: P Jayarama Bhat completes term as Chair of Karnataka Bank

The bank, which has been focusing more on CASA funds, is now all set to take CASA to a new high of 33 per cent, Mahabaleshwara MS said.

The bank aims to introduce its line of digitally powered savings account products to prospective customers with this campaign, he added.

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P Jayarama Bhat completes term as Chair of Karnataka Bank

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P Jayarama Bhat, part-time non-executive Chairman of Karnataka Bank Ltd (KBL), retired from the service on Saturday after completing his term approved by the Reserve Bank of India (RBI). He took charge as part-time non-executive Chairman of Karnataka Bank on April 12 2017.

In his farewell address to staff members, Bhat said it has been a privilege and honour for him to serve Karnataka Bank for such a long period of nearly five decades in different capacities.

“I take this opportunity to thank Mahabaleshwara MS, Managing Director and Chief Executive Officer, Board of Directors, former directors and all the present and retired members of KBL family for the support given during my stint at the bank. As we approach centenary year of the bank, I am sure that Karnataka Bank will create many new benchmarks in the Indian banking industry,” he said, and welcomed Pradeep Kumar, the new Chairman of the bank.

Upgrade skill-set

Greeting the outgoing Chairman, Pradeep Kumar said it is a huge achievement in itself to serve Karnataka Bank for nearly five decades, a record not just in the history of Karnataka Bank but also in the entire Indian banking industry.

“With new players in the banking industry, it is imperative that we constantly upgrade our skill-set and knowledge to improve productivity and business generation,” he said, urging staff members to take a pledge to work with an attitude to delight the customers with their service while being vigilant and responsible about the aspects of data privacy and cyber security besides adhering to extant compliance guidelines.

Also see: Karnataka Bank sponsors ECGs for Udupi gram panchayats

Mahabaleshwara MS, Managing Director and Chief Executive Officer of the bank, said that having played such a pivotal role in the growth of the bank for a considerable period of time, Jayarama Bhat was considered as a leader par excellence in implementing the vision of the bank and in garnering the goodwill and commitment of the staff members towards attaining sustainable business. Being a true mentor and leader, Jayarama Bhat has inspired a whole generation of KBL family in taking forward the legacy of Karnataka Bank.

He said the bank is also fortunate to have Pradeep Kumar, a seasoned banker, as its new Chairman. He added that he is excited to work with him in taking the bank to still greater heights.

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Karnataka Bank Q2 net up 5 per cent

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Karnataka Bank registered a 5.17 per cent rise in its second quarter net profit at ₹125.61 crore as against a net profit of ₹119.44 crore in the corresponding period of 2020-21.

Net interest income increased 10.83 per cent to ₹637.10 crore in Q2 as against ₹574.87 crore in the same period last fiscal. Fee-based income stood at ₹164.37 crore (₹121.46 crore).

Speaking to BusinessLine, Mahabaleshwara MS, Managing Director and Chief Executive Officer of the bank, said these factors indicate that there is significant improvement in the core business.

He stated non-performing assets (NPAs) of the bank have also further moderated during the quarter. Mahabaleshwara also noted that year-on-year comparison of NPAs is not fair during the current quarter because there was a standstill clause for the identification of the NPAs in the corresponding period a year ago. He said gross NPAs reduced to 4.5 per cent during Q2FY22 against 4.82 per cent in Q1FY22, and net NPAs also reduced to 2.84 per cent against 3 per cent in Q1FY22.

Credit growth

Stating the bank has been able to sail through one more pandemic-affected quarter with flying colours, he indicated that credit growth is back on track. Karnataka Bank added net fresh credit of ₹2,676.73 crore during Q2, he said.

On the 12.89 per cent decline in the operating profit, he said this is because of meagre trading profits during the period. The bank recorded an operating profit of ₹389.59 crore during the second quarter of 2021-22 as against ₹447.26 crore in the corresponding period of 2020-21. The trading profit of the bank stood at ₹6.5 crore (₹155.18 crore) during the period.

The bank has been able to continuously maintain the PCR at above 70 per cent and CRAR at 14.48 per cent. He said the net interest margin of the bank improved by 23 bps and now stands at 3.31 per cent (3.08 per cent).

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Karnataka Bank gets award for HR practices

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Karnataka Bank has been conferred with the ‘Top Organizations with Innovative HR Practices’ award at the 19th edition of the Asia Pacific HRM Congress.

Quoting Mahabaleshwara MS, Managing Director and Chief Executive Officer of the bank, a statement said that the award is yet another feather in the cap for Karnataka Bank for its innovative HR practices such as ‘online e-learning module’ to equip its workforce with the relevant new age skills to cater to the varying demands of the customers.

The award is also a recognition for the efforts put in by the 8,400-plus staff of the bank to align themselves to the call of the bank’s change management and efficiency enhancement programmes to emerge as the ‘digital bank of future’, he said.

Mahalingeshwara K, General Manager of the bank, received the award at an event in Bengaluru on Tuesday.

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RBI approves appointment of Pradeep Kumar Panja as Chairman of Karnataka Bank

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Karnataka Bank Ltd has received approval from the Reserve Bank of India to appoint Pradeep Kumar Panja, an Independent Director of the bank, as part-time non-executive Chairman with effect from November 14, for a period of three years. He will succeed P Jayarama Bhat, who will complete his term on November 13.

Pradeep Kumar Panja retired as Managing Director (Corporate Banking) of State Bank of India (SBI). Prior to this, he also held the post of Managing Director of State Bank of Travancore for about a year.

During his long association of 39 years with SBI (three years at the board level), he gained rich experience in various areas of banking, including corporate and international banking, treasury management, information technology, retail, transaction banking, strategic planning, business development and risk management.

Currently he is a member of the Banks Board Bureau (BBB) and also Director on the boards of seven companies (including three listed companies, including Karnataka Bank) engaged in the business of asset reconstruction, cement, real estate, NBFC, AFI, etc.

Panja, who hails from Panja village in Dakshina Kannada, has been on the board of Karnataka Bank Ltd since August 19, 2020.

His appointment as an Independent Director was approved by the shareholders at the 97th Annual General Meeting held on September 2.

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Karnataka Bank to get Centenary building

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Foundation stone for the establishment of the centenary building of Karnataka Bank was laid in Mangaluru on Friday. Established in 1924, the bank will observe its Centenary Year during the financial year 2023-24.

To be constructed adjacent to the present Head Office premises of the bank in Mangaluru, the proposed new building will be of 2.41 lakh sq ft of area.

Laying the foundation stone for the centenary building, Mahabaleshwara MS, Managing Director and Chief Executive Officer of Karnataka Bank, said the bank has always travelled ahead of time to cater to the varying demands of the customers from all walks of life.

As the bank steps into the second century of its existence, it is going through a new phase of growth backed by optimum use of new age digital technologies enabled by machine learning/artificial intelligence and business intelligence.

He said the proposed new building will be a state-of-the-art infrastructure capable of housing various operations for future banking.

In 1924, the founders of the bank started operations from a single branch at Dongerkery in Mangaluru in a very tiny premises primarily to cater to small farmers and traders.

The bank witnessed a period of exponential growth under the visionary leadership of late K Suryanarayana Adiga. It was during his time the bank shifted its head office to a spacious own building of 35,000 sq ft area at Kodialbail in Mangaluru. The said premises was inaugurated by late TA Pai, the then Central minister.

The bank decided to have a premises commensurate with its growth momentum and shifted its head office to a 1.19 lakh sq ft own building at Mahaveera Circle in Mangaluru in 2003.

P Jayarama Bhat, Chairman of the bank, the directors, and senior executives of the bank were present at the programme to lay the foundation stone for the new building.

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Karnataka Bank launches loan campaign to cater to festival demand

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Karnataka Bank has launched a special campaign ‘KBL Utsav 2021-22’ for home loans, car loans and gold loans to cater to the festive demand. The campaign will be effective from October 7 to December 31.

A statement by the bank said customers can get the benefit of digital banking and offers of the special campaign across all the 857 branches of Karnataka Bank in the country.

Customers can get home, car and gold loans with special interest rates, concession in processing charges and other benefits under the ‘KBL Utsav’ campaign, it said.

Quoting Mahabaleshwara MS, Managing Director and Chief Executive Officer of the bank, the statement said, Karnataka Bank helps its customers in realising their dreams of owning a home and a car, with real time customer authentication, hassle-free and simplified digital processing, immediate sanctions, etc., through its in-house developed digital products. “We are always with our customers as ‘your family bank’ in its true sense, to fulfil all the financial needs and share the happiness of festivities through our industry best customer service,” he said.

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Karnataka Bank launches new point-of-sale device for merchant customers

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Karnataka Bank, in collaboration with Mswipe Technologies Pvt Ltd, has launched ‘WisePOSGo’ — a PoS (point-of-sales) device that processes business payments — for the bank’s merchant customers.

Launching the new product, Mahabaleshwara MS, Managing Director and Chief Executive Officer of the bank, said this user-friendly device will be a game changer and transform the digital payment ecosystem associated with PoS machines. This device is an all-in-one swiping machine loaded with advanced features such as contactless payment, mobile phone, QR code, pay by link, magstripe and barcode scanner.

Also read: Karnataka Bank targets 15% credit growth for 2021-22

He said the device will support 4G, Wi-Fi, Bluetooth and micro-USB. This connected payment solutions device lets the merchants make calls as well as process payments and is designed keeping in mind the specific cost-centric needs of bank’s MSME (micro, small and medium enterprises) customers.

By integrating payments with business applications in one single device, small business establishments will benefit by having an agile and conducive platform to source business. The device is available at an affordable cost without any monthly rental charges, he said. The ease of processing transactions through ‘WisePOSGo’ will help the bank’s retail and MSME customers augment their businesses by providing their consumers a convenient and flexible way of shopping, Mahabaleshwara said.

Speaking on the occasion, Ketan Patel, Chief Executive Officer of Mswipe Technologies Pvt Ltd, said his company is happy to develop this product for Karnataka Bank’s MSME customers that will simplify their payment process. The introduction of ‘WisePOSGo’ is yet another step in the direction of expanding the digital payment infrastructure in the country and promote a cashless economy, he added.

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CEO M S Mahabaleshwara at AGM, BFSI News, ET BFSI

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The Mangaluru-based leading private sector lender Karnataka Bank is poised to emerge as the ‘digital bank of future‘ with end-to-end digital solutions for all its banking activities, bank CEO and managing director M S Mahabaleshwara said on Thursday. Addressing the 97th annual general meeting at its head office in Mangaluru through video conferencing, he said powered by its IT-driven wholistic transformation ‘KBL Vikaas,’ the bank is now preparing for the second phase under ‘KBL NxT’ concept to have end-to-end digital solutions for all banking activities, according to a bank press release here.

The bank is celebrating its centenary year during 2023-24 and a lot of IT-driven innovative and far-reaching initiatives to mark the celebration are already lined up to lay a strong foundation for the second century of the bank, he said.

The bank has declared a dividend of 18 per cent at the meeting.

The 97th AGM was presided over by bank chairman P Jayarama Bhat. All the directors of the bank, executives and shareholders participated through the virtual forum, the release said.



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Karnataka Bank launches KBL FASTag, BFSI News, ET BFSI

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Mangaluru-headquartered private sector lender Karnataka Bank on Wednesday launched its “KBL FASTag”, a pre-loaded payment instrument to facilitate seamless movement of vehicles at the toll plazas across the country, in association with National Payment Corporation of India (NPCI) and FASTag processor Worldline.

Bank’s MD & CEO Mahabaleshwara MS said customers could buy the FASTag through online from the bank’s website or by visiting its branch. “FASTag can be pre-loaded digitally for the required amount and can be recharged online through Credit Card/Debit Card/Net Banking/IMPS etc. The applicable toll amount gets automatically debited through the sensors at the toll plaza.”

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