Karnataka bank is a well known bank of India which is based in Mangalore in Karnataka in India. It is a private sector bank. It has a total of 463 branches based in 19 states and 2 union areas with employee number of 4800 and around 3.5 million customers.
It has a variety of customers including artisans and farmers living in towns and villages across the country. Shares of this bank are privately owned by 68,942 people. It has been designated as an A-class scheduled bank by the reserve bank of India.
Established at Mangalore, this bank was found on 18th of February 1924 with the name ‘Karnataka bank limited’ and actual business was started on 23rd may of same year.
It was founded by B.R Vysaray Achar. K.S.N Adiga also played a significant role in its establishment; he served as a chairman of the bank from 1958 to 1979.
This bank grew very rapidly acquiring many other Indian banks which include Sringeri Sharada Bank which was found in 1942 and had 4 branches.
Chitradurga bank is also in the list which was established in 1868 and was the oldest bank in Mysore. In 1966, Karnataka bank took over the ‘Bank of Karnataka’ in Hubli. It was established in 1946 and opened a branch in 1947 in Belgium. It had 13 branches at that time.
To develop a core banking solution, Karnataka bank signed a ‘Memorandum of understanding’ with Infosys technologies; this solution was named as ‘Fiancé’. Its motto was ‘Anytime/ anywhere banking’. For this purpose, over 221 branches were connected and networked up to 31st march 2004. In 2002, a contract was made with Corporation bank for the purpose of sharing ATM’s.
To more ease of its customers, Money plant card was introduced after a year which gave the opportunity to its customers to draw money from any Karnataka bank account. The bank shifted its head office to Kankanady in September 2003.
Quick remit facility was introduced in august 2008 that allowed money transferring to or from Indians living in Canada, UK and USA.
A 24 hour online banking service is offered by the name of ‘Money click’. The online banking allows the costumer to get the information about his bank account.
The costumer can view the history of the account, check balance, make online transactions, transfer funds, with draw money and many other services.
The access to internet is the only requirement in the online banking.