Karnataka Bank

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 & Associates, Chartered
 Accountants, New Delhi as Additional Director of the Bank u/s 260 of
 the Companies Act, 1956.