Karnataka Bank India

Evident from the name, the bank has its origin in Karnataka. The tagline of Karnataka Bank Limited is “Your family bank. Across India”, which clearly suggests that it has branches spread all over the nation. Karnataka Bank is a private banking sector institution which is headquartered in the city of Mangalore. It has been nominated as an A1+ class commercial bank by the RBI (Reserve Bank of India), and that is a pretty big accolade in itself.

For the financial year ending March 31st, 2011, the overall interest gained by Karnataka Bank India was around Rs. 2370.84 crores. The total profit for the banking sector was Rs. 2662.60 crores, while the expenditure was Rs. 2307.31 crores, yielding a total net profit of around Rs. 204.61 crores.

The bank has been trying hard to keep pace with latest advancements in the field of banking technology by implementing internet banking and core banking solutions, and by setting up its money-plant auto teller advanced machine system.

It has received the best bank honor for “Managing IT Risk” in the small bank group for the year 2010-2011 from IDRBT (Institute for Development and Research in Banking Technology). In the year 2008, the bank obtained the Sun and NDTV Green-IT honor. Both NDTV and Sun Microsystems gave away this award to Karnataka Bank for recognizing its green policies, and for the implementation of eco-friendly technology, including solar power.

At present, Karnataka Bank India has countrywide presence with a widely spread network of around 479 branches that are dispersed across 20 states and 2 Union Territories in India. There are around 5844 employess working with the bank, and the bank has a total customer base of around 4.84 millions, which includes farmers as well as artisans in small villages and towns across the nation. The banking stakes are completely privately owned by around 86,868 investors.

Services and Facilities

Karnataka Bank Limited has been able to provide a well-planned array of services and products to its customers, which includes:

  1. Personal Banking

Under personal banking, provided by Karnataka Bank, the related services and products are:

  • Current Accounts

  • Savings Bank Accounts

  • Deposit Products

  • MoneyPlant ATMs

  • Loans (Loans will be covered in a separate section)

  • VISA Debit Card facility

  1. Business Banking

Here are the important business-banking services that are offered by Karnataka Bank India:

  • Term Loans

  • Working Capital Finance

  • Infrastructure Finance service

  • Both fund based as well as non-fund based business funding products

  1. Insurance Services

The insurance services offered by the bank include life insurance products of the well-known MetLife Insurance Corp Private Limited, and also general insurance products provided by Universal Sompo General Insurance Corp Limited.

  1. Internet Banking

Internet banking facility is covered under two sections, which are as follows:

  • Retail Customers: Internet banking for retail customers provides balance enquiry, balance transfer, recording stop-payment directions, account opening, requesting for check books, BSNL bill payment, electricity bills payments, and water bills payments.

  • Corporate Clients: Internet banking for corporate customers offers import/export credit services, corporate account, inland trade, bank guarantee, demands for forward contracts etc.

  1. Money Transfer Services

Karnataka Bank Limited provides 3 main types of money transfers, which are RTGS (Real Time Gross Settlement), WUMT (Western Union Money Transfer), and lastly, NEFT-Consumers Facilitation Centers.

  1. NRI Banking Facility

Even Forex banking services for local residents as well as NRIs (Non-Resident Indians) are provided by Karnataka bank. This is one of the remarkable achievements of this bank in the recent times.

Loans Offered by Karnataka Bank

Karnataka Bank India offers a wide array of loan products to its customers, varying from home loans, auto loans, personal loans, to educational loans.

The various loan schemes offered by the bank currently include:

  • Car Finance Schemes

  • Vidyanidhi Educational Loan – avail a maximum of Rs. 10 lakhs for studies in India, and a maximum Rs. 20 lakh for studies abroad, while the interest is 5 percent for studies within India, and 15 percent for studies abroad.

  • Varthal Loans

  • Easy Ride

  • Apna Ghar Home Loans

  • K-Power

  • Udyog Mithra

  • Niveshan Loans

Cards Offered

Karnataka Bank India currently offers ATM cum debit cards, but it does not provide credit cards at the moment.