Daijiworld Media Network (NR)
with inputs from media release
Bangalore, Dec 30: The Mangalore-based Karnataka Bank Limited's 413th branch was inaugurated here on Saturday, December 29 at Marathahalli in the city, informs a press release.
Speaking on the occasion bank chairman and CEO Ananthakrishna informed that when the Indian economy is growing at the rate of 8%, the role of banks is crucial to meet the expectations of agriculture, industry and service sectors and make them vibrant.
'Banks have to expand their service network by efficiently utilizing modern technology and the bank is working in this direction,' the chairman assured. 'All the 413 branches of the bank are brought under core banking solutions and customers can now do banking transactions from any branch of the bank in India,' he revealed.
Further he stated the net interest income of the bank has increased and operating expenses have come down. Bank's deposits have a wide base and hence it is not dependent on bulk deposits. Therefore even ICRA, a premier rating agency of the country, has awarded A1+ rating to the bank's deposits indicating the strong financial standing of the bank.
T Sham Bhat, endowment commissioner of government of Karnataka, while inaugurating the branch and the ATM, praised the tradition of the bank in rendering good services to its customers. He also said that the bank is always meeting the expectations of agriculturists and rural masses and the Bank's city branches are rendering good service to the citizens here.
Also speaking on the occasion, chief general manager P Jayaram Bhat said that the bank has a business target of 28,500 crores, comprising 17,000 crores of deposits and 11,500 crores of advances for the current financial year. The number of the bank's branches will be increased to 430 and ATMs to 150 before end of the current financial year. At present 40 branches and 29 ATMs of the bank are operating in the city.
The welcome address was delivered by Ashok Hegde, deputy general manager of the bank's city regional office, while the vote of thanks was proposed by Subramanyachar, branch manager of Marathahalli branch.