Karnataka Bank's branch network may cross 500 this fiscal

Mangalore, Nov. 15: Karnataka Bank Ltd is targeting a total branch network of 550 branches by March 2013, according to Mr P. Jayarama Bhat, Managing Director and Chief Executive Officer of the bank.

Speaking on the sidelines of the inauguration of the new premises of the Hampankatta branch of the bank in Mangalore on Tuesday, Mr Bhat said that the bank has 486 branches in the country.

RBI licence

The bank is planning to approach the RBI for licences to open 60 more branches.

“We want to cross a branch network of 500 by March 2012, and 550 by March 2013,” he said.

Launching the CASA (current account savings account) mobilisation campaign of the bank on the occasion, he said that the bank wants to open 5.25 lakh accounts during the campaign period.

The campaign, which started on Tuesday, will be in force till February 29.

SB interest

Asked if the bank is increasing interest rates for savings bank (SB) accounts following its de-regulation by RBI, he said the bank will wait and watch before taking any decision on this matter.

Speaking at the inauguration of the new premises of the branch, Mr Jairama Hande, General Manager of the bank, said that the bank expects business to touch Rs 55,000 crore during the current financial year. Several new schemes have been introduced for the benefit of customers, he added.

The Hampankatta branch, which was shifted to its new premises on Tuesday, is one of the oldest branches of the bank in Mangalore, he added.

Mr N. Yogish Bhat, Deputy Speaker of Karnataka Legislative Assembly, inaugurated the new premises of the branch and the 300th ATM of the bank on the occasion.