Karnataka Bank targets a business of Rs. 1,00,000 Crore for FY 2016-17

Mangalore Today News Network

Mangaluru, Apr 01, 2016: Karnataka Bank, the Mangalore based premier private sector Bank is targeting a business turnover of Rs. 1,00,000 crore comprising of Deposits of Rs. 58,500 crore and advances of Rs. 41,500 crore for the financial year 2016-17.

In his maiden address of the current financial year on 01-04-2016, Shri P. Jayarama Bhat, MD & CEO of the Bank highlighted the Bank’s performance for the financial year   2015-16 and rolled out the business agenda for the new financial year 2016-17 wherein he envisaged an overall growth of 18.6% in business.

As on March 31, 2016, the Bank has 2,000 service outlets comprising of 725 branches and 1275 ATMs located across India. During the year 2015-16, Bank has opened 50 new branches [including 13 branches in unbanked Rural Centres] and 275 ATMs. Bank has opened25 e-lobbies and 25 mini e-lobbies during the year. The Bank has also opened two new Regional Offices at Udupi and Tumakuru during the year.

“During the Current year we intend to open 40 new branches and 225 new ATMs  and 100 e-Lobbies/mini e-Lobbies. We also aim at rolling out innovative technology based products such as Co-branded Credit card, Student combo card, Near Field Communication Card, Mobile Virtual Card, Mobile Wallet, IMPS and a host of other technology based products and solutions to digitally empower our customers”, said Shri P Jayarama Bhat, MD & CEO of the Bank.


During FY 2015-16, the Bank has won a record number of 8 Excellence Awards from renowned institutions such as IBA, ASSOCHAM, IDRBT, CIMSME & FIEO, under various categories. Bank has also received “Sanman Patra” from the Commissioner of Central Excise & Service Tax for Compliance to Service Tax Provisions and secured “ISO 27001:2013” certificate for its three I.T. set-ups.

Shri Mahabaleshwara M S, Chief General Manager, Shri N Upendra Prabhu, Dr Meera Aranha, Shri Raghurama, Shri Raghavendra Bhat M, Shri Chandrashekar Rao B and Shri Subhaschandra Puranik General Managers, were also present on the occasion.