Karnataka Bank Limited has been offering banking services and products regarding personal and business purposes since a century almost. The company works in four sectors: Wholesale/Corporate Banking, Retail Banking, Treasury, and Other Banking Operations. It also provides fixed, recurring and cash certificate deposit; current and savings accounts; and non-resident rupee, foreign currency, ordinary non-resident, NRI priority services, and resident foreign currency accounts too. The company also offers loans, including personal, home, vehicle, mortgage, gold, women entrepreneur, MSME, education, and other loans against fixed deposit and property.
Additionally, Karnataka Bank Limited provides credit, debit, deposit only, gift, travel card, and image; general, life, and health insurance products; remittance; investment products; forex; and other services including post and pre-shipment, exports LC advising, imports credit letter and bill collection, facility of inward remittance and outward remittances, and buyer’s credit. The company was established in 1924 and is headquartered at Mangalore, India.
About Company Information:
Karnataka Bank Limited was founded on 18th February 1924 at Mangalore (now Bangalore) and was endorsed by the most members of South Kanara; Late Shri B. R. Vyasarayachar was at the top amongst them. In the year of 1952, around 25,000 number of equity shares were issued at par.
Karnataka Bank Limited was added in the 2nd schedule and was promoted to ‘C’ class from the ‘D’ class, on 11th January 1958. In the year of 1964, the company bought all the liabilities and assets of Chitaldurg Bank Limited. In the year of 1966, the bank took over Bank of Karnataka Limited and subsequently ventured 14 new branches in the places, where the Bank of Karnataka used to function.
During 1970 to 1996, Karnataka Bank Limited had faced many ups and downs. In 1970 the organization fixed the price of its shares to Rs.5 and made it available for the public. In the year of 1978, the organization had a debt of Rs.13805. This amount increased a lot in the year of 1981, and the amount increased over Rs.3000. In the following year, the amount of its overdue had been decreased and came down to Rs.2900. In 1983, the decrease of the debts of the organization sustained and it came down to Rs.775.
In the following year, the organization also successfully decreased its amount of debt to Rs.500. In the year of 1985, the issue of 150,000 shares documented at par. In the year 1989, the organization commenced a division for providing banking services. In the same year, the organization issued 250000 rights shares. In 1990, the shares of the company were subdivided, and 30000 shares were issued. In 1996, the organization increased its authorized capital.
In the year of 2000, Karnataka Bank collaborated with Infosys Technology Limited. This had been the first time, that any Mangalore based bank entered into a technological collaboration with any technological provider. The collaboration provided several services to the customers of the banks. The collaboration offered a core banking solution, namely “Finacle”. The technological services became available in the working atmosphere of the organization, and all the business functioning were helped a lot by this.
In 2015, Karnataka Bank had signed an MoU with INTECH, one of the famous companies of India. In the same year, the organization inaugurated its Pradhan Mantri Suraksha Bima Yojna, through a collaboration with New India Assurance Co. Limited. In this year, the organization also acquired the prestigious certification of ISO 27001:2013, which increased its brand value. The online application for loans and credit applications were also started in this year. In the same year, the organization started its MUDRA card for the Pradhan Mantri Mudra Yojana.
In 2016, Karnataka Bank was awarded the MSME award for its excellent services in the banking sector. The bank also received Assocham awards for social banking services. In the same year, the organization commenced the online service regarding the account opening. The bank also bagged several awards in this year such as IBA technology award, IDRBT banking award for technological aspects, and the CFBP Jamnalal Bajaj Award. The organization also commenced its CSR campaign and convinced people to quit tobacco.
How Karnataka Bank Ltd, categorised under the Financial Sector and Finance - Private Banking Industry:
The Financial sector is a section that leads the world in terms of equity market capitalization and earnings. The companies that are in the economic enterprise focus mainly on managing money, as their revenue is generated mostly by the sectors from mortgage and loans that gain value as interest rates rise. Also, this industry's economy is made up of institutions and firms that provide financial services to wholesale and retail customers. The main sectors that are into the Financial industry are,
Accounting and Bookkeeping.
Financial Markets and Planning.
Banking and General Financial Services.
Mortgage and Financial Broking.
Insurance and Superannuation.
Specialised Financial Services.
Karnataka Bank Ltd, comes under the Private Banking industry. The banking industry is one of the active areas in India, which makes a significant portion of the growth of a country’s GDP. The banking industry in India is of great importance in Asia and also throughout the World because of its steady performance in the market.
Karnataka Bank Ltd, Competitors and Sector Peers:
Bank of Rajasthan Ltd.[Merged] - BANOFR
Centurion Bank of Punjab Ltd.[Merged] - CENTUB
City Union Bank Ltd. - CITUNI
Dhanlaxmi Bank Ltd. - DHABAN
IDFC First Bank Ltd. - IDFCB
IndusInd Bank Ltd. - INDUBA
ING Vysya Bank Ltd.[Merged] - INGVYS
Jammu & Kashmir Bank Ltd. - JAMKA
Karnataka Bank Ltd. - KARBAN
Karur Vysya Bank Ltd. - KARVYS
Kotak Mahindra Bank Ltd. - KOTAMA
Lakshmi Vilas Bank Ltd. - LAKVIL
South Indian Bank Ltd. - SOUINB