Karnataka Bank targets 20.3% growth in FY15

Karnataka Bank, the Mangalore-based private sector lender, is aiming at business growth of 20.3% for the fiscal 2014-15. The bank has set a target of Rs 83,000 crore total business comprising of Rs 48,000 crore deposits and Rs 35,000 crore of advances for 2014-15.

Unveiling the business agenda for 2014-15, the Bank's Managing Director and CEO, P Jayarama Bhat said today that the Bank plans to roll out technology-based products to expand its customer base. It plans to open 75 new branches including 21 financial inclusion branches in FY15 and add another 300 new ATMs to take the total number of service outlets to 1,675 by end of March 2015.

As on March 31, 2014, the Bank has 1,300 service outlets comprising of 600 branches and 700 ATMs located across India. During the year 2013-14, Bank has opened 50 new branches and 196 ATMs. Further, as part of Bank's Financial Inclusion initiative, the bank has opened 13 Financial Inclusion branches apart from 17 Ultra Small branches in unbanked rural centres during the year.

"During the current year we intend to roll out new technology products to suit the changing profile of our customers such as e-lobby, Online Account opening, Mobile POS, Missed call solution, e-KYC, revamping our Internet Banking service, collaborating with International Financial Intermediaries for offering inbound remittance facilities to NRIs among others," Bhat said.