PRIVATE SECTOR BANKS IN INDIA – KARNATAKA BANK
PRIVATE BANKS IN INDIA – KARNATAKA BANK
Karnataka Bank Limited is a private sector banking institution based in the town of Mangalore in Karnataka, India. The Reserve Bank of India has designated Karnataka Bank as an ‘A1+’-class scheduled commercial bank. The bank now has a national presence with a network of some 479 branches across 20 states and 2 Union Territories. It has over 5844 employees and 4.84 million customers, including farmers and artisans in villages and small towns throughout the country. Its shares are entirely privately-owned by some 86,868 shareholders.
For the quarter that ended on December 12, 2008, the total interest earned was Rs.508.4 crores. The total income for the bank was Rs.607.17 crores and the expenditure, 468.86 crores, thereby yielding a profit of Rs.138.31 crores. The Karnataka Bank has been striving to keep pace with advances in banking technology by adopting Core banking and Internet banking, and establishing its “MoneyPlant” Automated Teller Machine system.