Rosaiah hails KVB's efforts in taking banking services to the masses

Customer satisfaction is important while an organisation sought success in its endeavour, including the banks. The growth of Karur Vysya Bank (KVB), started in 1916, to the highest level today, marks its success. Normally people make complaints, but it is not the case with KVB and I tell from my experience as I have an account with the bank, said Dr K. Rosaiah, Governor, Tamil Nadu, here on Saturday.

Addressing the 95th Founders Day celebration of the bank, he said that nationalisation of banks in 1969 brought a paradigm shift in taking the banking services to the masses and unreached areas. KVB, built on the principles of trust, efficiency and quick service, has grown manifold because of its service evident from having half of its branches in rural areas and serving the rural population in a big way, following Mahatma Gandhi's ideals of bringing socio-economic development to the villages. The visionary founders need to be remembered and the successive generations have carried forward the ideals, he said. Inclusive banking and rural upliftment with efficiency in service should take the bank to greater heights, he said.

The initial seed capital of Rs 1.25 lakh and its current net owned funds over Rs 2,370 crore, speaks for itself, he added.

Mr K. Venkataraman, Managing Director and Chief Executive Officer of the bank, in his address said the bank has been celebrating the Founders Day across various centres graced by dignitaries to share the growth story with the customers and be one amongst them.

The capital adequacy ratio stood at 14.83 per cent, well above the Reserve Bank of India's stipulated ratio of 9 per cent and the net non-performing assets at 0.21 per cent was one of the lowest in the country, he said. The bank has been earning profits since inception and declared dividend uninterruptedly, declaring even 120 per cent in the last three years. The bank has earned laurels from many quarters and is recognised as the best old private sector bank, he added.

Earlier, Mr K.P. Kumar, Chairman, KVB, delivered the welcome address and Mr A.J. Suriya Narayana, Director, recalled the historic growth of the bank.