Financial Daily from THE HINDU group of publications
Tuesday, Mar 30, 2004
Financial Daily from THE HINDU group of publications Tuesday, Mar 30, 2004 |
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Money & Banking
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Private Banks Markets - Mutual Funds Marketing - Channels and Franchises Karnataka Bank plans to vend mutual funds Our Bureau
Hyderabad , March 29 KARNATAKA Bank, the Mangalore-based private sector bank, is planning to become a `supermarket of financial services' in the next couple of years. Having already taken up non-fund based businesses such as selling insurance products and collecting utility payments, the bank intends to take up distribution of mutual funds, according to Mr Ananthakrishna, Chairman. The bank is also planning to introduce Internet and mobile banking and launch a debit card, he told newspersons on Monday on the eve of inaugurating three new branches. Having networked 218 of its 370 branches, covering over 83 per cent of its business, the bank wants to increase its own ATM network from 12 to 100 in the next couple of years, Mr Ananthakrishna said. Karnataka Bank has an alliance with Corporation Bank to share its network of 600 ATMs. Admitting that the NPAs of the bank were on the higher side compared to the peer group, the Chairman said that efforts were on to increase recovery levels. Towards this, the bank plans to set up two exclusive asset recovery branches at Chennai and Mumbai. As on March 2003, the bank had gross NPAs of Rs 538 crore and net NPAs of Rs 286 crore.The bank is working towards bringing down its gross NPAs to below Rs 500 crore and net NPAs to below Rs 250 crore. "We are targeting a total business volume of over Rs 17,000 crore by the end of the next fiscal from Rs 13,500 crore as on March 2003," Mr Ananthakrishna said.
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