mangalore today

Timely execution of relief package of RBI is the need of the hour

Mangalore Today News Network

Mangaluru, April 01, 2020:  “Reserve Bank of India has announced a slew of relief measures including 3 months’ moratorium/deferment on repayment of interest and installments to all the affected borrowers to tide over the economic constraints of COVID-19 pandemic. The said package of relief measures will act as a much needed tonic to the Indian economy. Bankers have to show their commitment in this war like situation by extending the benefit of relief package to all the needy borrowers expeditiously.”said Shri Mahabaleshwara M S, MD & CEO of Karnataka Bank in his first address of the new FY 20-21 to the members of staff of the Bank across the country via video streaming facility, today here at Mangaluru.


Speaking further, he said “the services of the Bank employees, especially those who are at the frontline in the branches, across the country, braving the threat of corona virus and other debilitating social factors are praiseworthy. It is now almost certain that the world will enter into a temporary recession and India will not be an exception to this. Hence a cautious business approach centred around the time tested principle of ‘conserve and consolidate’ may be more prudent. In this situation, Bankers role is very critical especially in encouraging the customers to (i) transact more on digital channels, (ii) reduce cash transactions and (iii) minimize the visits to the branches to arrest the spread of COVID – 19 pandemic. While strictly adhering to the social distancing guidelines, staff should also create awareness amongst the customers.”

Outlining the blue print for the new Financial Year 20-21, Mr. Mahabaleshwara said, “Bank has posted a total business turnover of Rs 1,29,000 Crore for the financial year ended 31-03-2020 as per the provisional figures. Bank will target a total business turnover of Rs 1,40,000 crore for the FY 20-21. We have to work with a new vision to “conserve, consolidate and emerge stronger” by focusing on our social commitment and customer centricity in our efforts to take Karnataka Bank  to newer heights amidst the challenging times ahead.”