Karnataka Bank targets Rs.1, 10,000 Cr Business in FY 2017-18

Team Udayavani, Apr 2, 2017, 9:54 AM IST

Mangaluru: Karnataka Bank, a premier private sector bank in the country, is targeting a business turnover of Rs. 1, 10,000 crore comprising of deposits of Rs. 64,500  crore and advances of Rs. 45,500 crore for the financial year 2017-18.

In his maiden address of the current financial year on April 1, 2017,  P Jayarama Bhat, MD and CEO of Karnataka Bank highlighted the bank’s performance during the financial year 2016-17 and rolled out the business agenda for the new financial year 2017-18. As on March 31, 2017, the Bank has 2,145 service outlets comprising of 765 branches and 1380 ATMs located across India. Bank has 110 e-lobbies,mini e-lobbies.

“Year 2016-17 was a year of satisfactory growth considering the prevailing economic conditions in the global and domestic economies and the impact of demonetization on the banking industry in the country. The growth outlook for 2017-18 is positive and we should be able to encash all the growth opportunities so as to take the business turnover to a new high of Rs. 1, 10,000 crores. Going ahead, we intend to open 35 new branches including 9 financial inclusion branches to take the tally of branches to 800 by March 2018. We propose to take the tally of ATMs to 1450 from the present level of 1380 ATMs. E-lobbies / mini e-lobbies are planned to be increased to 150 from the present level of 110. In our bid to improve customer service, we plan to extend Single Window Service facility to more number of branches and also continue to roll out innovative technology based products to suit the changing preferences of our customers” said P Jayarama Bhat.

During the year the bank has rolled out several innovative technologies based products such as co-branded credit cards in collaboration with SBI Card, KBL SMARTz UPI App, RuPay International Debit card etc. Bank has also introduced National Pension Scheme [N.P.S.], for the public besides tying up with Bajaj Allianz for distribution of General Insurance products respectively. In recognition of the proactive steps taken by the Bank to bring about an improvement in all spheres of banking activity, Bank has bagged record number of 12 Excellence Awards during the year from renowned institutions such as IBA, ASSOCHAM, IDRBT, CIMSME, FIEO and Greentech Foundation, under various categories.