Money & Banking

Karnataka Bank targets ₹1.42 lakh crore business in 2021-22

Our Bureau Mangaluru | Updated on April 01, 2021

Karnataka Bank Managing Director and CEO M.S. Mahabaleshwara addresses staff members in Mangaluru on Thursday   -  The Hindu

Karnataka Bank has planned to grow its business at a moderate 12 per cent to take the total business turnover to ₹1.42 lakh crore, according to Mahabaleshwara MS, Managing Director and Chief Executive Officer of the bank.

Addressing the staff members at the branches and offices across the country through virtual mode on Thursday, he said the CASA (current account savings account) share of the bank reached a new high of 31 per cent and the digital transactions crossed 90 per cent during the just concluded fiscal.

Stating that the bank has planned to grow its business at a moderate 12 per cent to take the total business turnover to ₹1,42,500 crore during the new financial year, he said with a healthy business growth, ‘cost lite’ liability portfolio, strengthened fundamentals etc., the year 2021-22 should be a ‘Year of Excellence’ for Karnataka Bank.

The objective of this virtual address was to give a broad outline of the business goals and strategies for the way forward in 2021-22.

He said Karnataka Bank is at the cusp of engineering a breakthrough in the banking industry as the ground has already been laid to be the ‘digital bank of the future’. Even before Covid-19 outbreak, Indian banking industry had been undergoing a paradigm shift from the traditional ways of banking with digital technology powering this change in all the aspects of banking.

The advent of payment banks and fintech lenders has accelerated this change, he said, adding Karnataka Bank is one of the first banks to acknowledge, accept and adopt this change and took a proactive step as early as 2017 by initiating a holistic transformation journey – ‘Project KBL Vikaas’.

Center of excellence

Establishing a Digital Centre of Excellence (DCoE) in Bengaluru has been the most important outcome of this project. He said DCoE is now the digital innovation hub of the bank powering the launch of various digital products harnessing the latest cutting edge digital technology in the industry.

“As the digital is the way forward, we have placed digital banking on fast forward mode to pursue the concept of ‘KBL NxT’. With many more digital products lined up for this new financial year under this new set up, Karnataka Bank has a business advantage heading into the new financial year 2021-22 in a post-Covid scenario and it is my appeal to each one of you to rise to the occasion,” he said.

Published on April 01, 2021

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