Karnataka Bank signs pact for e-funds

The Mangalore-based Karnataka Bank Ltd signed a pact with India Switch Company (ISC), a leading electronic funds transfer (EFT) solutions provider, recently in Mumbai. Under the agreement, the bank will initially outsource its network of around 100 ATMs to ISC.

Ananthakrishna, chairman of the bank said, "Karnataka Bank is one of the most techno-savvy banks from the south. By partnering India Switch Company for outsourcing the ATM network and allied service, Karnataka Bank intends to spread its wings wider. We intend to provide more touch points through retail banking channels along with more value-added services to our customer base."

The bank which has 372 branches across 16 states and 2 Union territories plans to take the number of its branches to 390 by the end of the current financial year.

With 243 networked to the core banking solution Finacle, the bank is eyeing a turnover of Rs 17,000 crore at the end of the fiscal. The bank is all set to launch its internet banking product Money Click R and has roped in Visa International for its debit cards.