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Karnataka Bank Ltd. Company History and Annual Growth Details

YEAR EVENTS
1924 - The Bank was incorporated on the 18th day of February at
Mangalore. The Bank was promoted in 1924 by Late Shri B. R.
Vyasarayachar and other leading members of the South Kanara
Region. The Company is engaged in banking business.

1952 - 25,000 No. of equity shares issued at par.

1958 - The Bank was included in the second schedule with effect from
11th January and upgraded from 'D' class to 'C' class.

1963 - Rs 5 per share was called-up on the 25,000 shares issued in 1952.

1964 - The Bank took over the assets and liabilities of the Chitaldurg
Bank Ltd.

- 50,000 No. of equity shares issued at par.

1966 - The Bank took over the assets and liabilities of the Bank of
Karnataka Ltd., Hubli and consequently opened 14 new branches in
places where the Bank of Karnataka Ltd., was formerly
functioning.

1970 - Rs 5 per shares called-up during the year making the shares fully
called-up.

1978 - Arrears Rs 13,805/-.

1981 - Arrears Rs 3,075/-.

1982 - Arrears Rs 2,900/-.

1983 - Arrears Rs 775/-.

1984 - Arrears Rs 500/-.

1985 - 1,50,000 rights shares issued at par.

1989 - The Company opened a merchant banking division during the year.

- 2,50,000 rights shares issued at par.

1990 - Shares sub-divided and 30,000 shares issued at par.

1996 - Authorised capital increased. Difference shares issued through a
Rights and Public issue.

2000 - Karnataka Bank, a Mangalore-based private sector bank, has
initiated a strategic technology tie-up with the Infosys
Technology Limited.

- Karnataka Bank, which has entered into a'strategic technological tie-up' with
Infosys Technologies Ltd to implement a 'Centralised core banking solution'
called 'Finacle', hopes to be able to provide all the facilities linked with this
by the end of the current year.

2002

-Launches multi-branch banking system in 5 cities, allowing customers to bank anywhere
within the network.

-Launches a relief package after a continous downslide in the prices of different agricultural commodities.

-Donates 3 computers to Kannada Sahitya Parishad's President Mr Harikrishna punaroor.

-Slashes down the interest rate by 1 to 3 percent on all schematic loans and advances.

-Mr A Krishna Kumar Kodgi ceases to be the Director on the Board of the Bank.

-Board approves for the issue of bonus shares in the ratio of 1 equity share for every 1 share held on a record date to be fixed later and to offer 1 equity share of Rs.10 each at the price of Rs.25 per share including the share premium.

-Ties up with Metlife India for the distribution of insurance products as a corporate agent.

-Conducts a 2 day seminar for the bank's inspecting officials.

-Allots bonus shares in the ratio of 1:1, 13462372 shares of Rs.10 each have been alloted keeping in abeyance the bonus entitlements of 23850 shares.

-Revises the term deposit rates - 5% on domestic term deposits for a period of 7-14 days (deposits of Rs 15 lakh), 5% for 15 to 45 days, 6% for 46 to 90 days, 6.5% for 91 to 179 days, 7% for 180 days to less than one year, 7.5% for one to three years and 7.25% for deposits above three years.

2003

-Reduces its Prime Lending Rates by 0.50 percent, and now the PLR will be 12%.

-Offers rights issue of shares in the ratio of one share for every two shares of post-bonus share capital at a premium of Rs. 15 pershare at Rs.10 face value.

-Pubic Relations Society of India confers 'The PR person of the year 2002' award on the Chairman and CEO of the Bank, Mr. AnanthaKrishna.

-Introduces a new ' resident foreign currency account' in the wake of RBI's permission to maintain foreign currency accounts.

-Mr Ananthakrishna's term as the Chairman of the bank is extended for a period of 3 years.

-Passes resolution on the declaration of dividend of 22% on the entire paid up capital , and appointment of Mr Bheema Bhat as the Director of the bank.

-Announces 1% interest rebate for prompt repayment of loans taken by farmers with a view of increasing its farm credit portfolio.

-Revises the interest rate for domestic term deposits. it would pay 4.5% on domestic term deposit for 7 - 14 days (deposits of 15 lakh & above), 4.5% for 15 - 45 days, 5% for 46 - 90 days
5.5% for 91 - 179 days, 6% for 180 - < 1 year, 6.5% for 1 - 3 years, 6.25% for above 3 years.

-Change in its Registered Office to PB No. 599, Mahaveera Circle, Kankanady, Mangalore - 575002. PH No:0824-2228222 Fax: 0824- 2225588 Email : info@ktkbank.com.

-Ties up with Melife India and launches K-Life a term product designed for SB/current account holders of the bank.

-Launches a credit product 'KBL Insta Cash' for consumption purposes, and 'KBL Vahana Mitra' for the purchase of new vehicles.

-Bank along with Western Union Financial Services ties up with Bharat Overseas Bank to provide inbound money transfer services.

-Allotted 6950 bonus shares as fully paid up equity shares of Rs. 10 each on release of bonus entitlement kept in abeyence in the Bonus Issue 2002.

-The Delhi region of the Karnataka Bank has bagged the golden trophy for Best Region and Ludhiana branch bagged the silver trophy for Best Branch, instituted by the Karnataka Bank Employees' Association. The relationship between the management and the union should be based on mutual trust and a sense of responsibility.

-Karnataka Bank enters into MOU with Bajaj Allianz

2004

-Karnataka Bank deploys finacle solution in Mangalore branch

-The Karnataka Bank Limited has informed that Shri. K. N. Ramasubramanian ceased to be the Director on the Board of the Bank w.e.f. January 19, 2004 on completion of term of 8 years in accordance with Section 10-A of the Banking Regulation Act, 1949.

- Bank forms ad-hoc committee for undertaking procedures and performance audit on public services rendered to its customers. The committee comprises the Deputy General Managers, Mr K. Venkataramana Tunga, Mr N. Upendra Prabhu, Mr K.H. Shivaswamy Aithal, and Mr P. Jairama Hande. Mr M.S. Mahabaleshwar Bhat, Assistant General Manager, is the convenor and nodal officer to serve as contact point with the RBI committee.

-Karnataka Bank Limited launched 'Gold Card Scheme' for exporters

-Delist from the Bangalore Stock Exchange Ltd with effect from November 24, 2004.

-Karnataka Bank ties up with India Switch Company

-Karnataka Bank's sets up 16th branch in Mumbai

2005

-Karnataka Bank opens branch in Delhi

-Karnataka Bank launches Money Quick under real time gross settlement (RTGS) system

-Karnataka Bank sets up 46th ATM at Udupi

-Karnataka Bank inks agreement with National Financial Switch for ATM connectivity

-Karnataka Bank sets up new ATM at Davangere

-Karnataka Bank launches 'no frills' accounts

2006

-Karnataka Bank launched CDSL-DP services at select branches.

-Karnataka Bank sets up 396th branch at Vazira Naka

-Karnataka Bank Ltd has entered into an agreement with the Indian Railway Catering and Tourism Corporation Ltd.

2007

-Karnataka Bank Ltd has informed that the Board of Directors of the Bank at its meeting held on January 05, 2007 has appointed Shri. T S Vishwanath, Senior Partner, Vishwanath Singh &amp; Associates, Chartered Accountants, New Delhi as Additional Director of the Bank u/s 260 of the Companies Act, 1956.

-Karnataka Bank Ltd has appointed Shri. M Sitarama Murty (Retired Managing Director of State Bank of Mysore), Secunderabad as an additional Director of the Bank with effect from November 30, 2007.

2009

- Karnataka Bank has joined hands with HMT Ltd for financing purchase of tractors and the finance will be extended under bank's 'KBL - HMT Sarathi' scheme.

- Karnataka Bank Ltd has informed BSE that the members at the 85th Annual General Meeting (AGM) of the Bank held on August 08, 2009, have resolved to appoint M/s. Kamath &amp; Rau, Chartered Accounts, Mangalore and M/s. Vishnu Daya &amp; Co, Chartered Accountants, Bangalore jointly as Statutory Central Auditors of the Bank to hold office from the conclusion of 85th Annual General Meeting until the conclusion of the next Annual General Meeting.

- Karnataka Bank Ltd has signed a pact with JCB India Ltd for financing purchase of earth-moving equipment such as backhoe loaders, wheel loaders, excavators, compactors, cranes and skid steers.

2010

- During the Global Investors' Meet in Bangalore, Karnataka Bank Ltd signed the pact with the Government of Karnataka.

- Karnataka Bank Ltd has received a special award for use of 'IT (information technology) for internal effectiveness' for 2009.
 
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