According to a recent press report, Dr K. Rosaiah, Governor, Tamil Nadu, who addressed the 95th Founders Day celebration of Karur Vysya Bank, appreciated the bank for taking banking services to the masses.
On addressing the 95th Founders Day celebration of the bank, he said that nationalization of banks in 1969 gave a standard shift in taking the banking services to the masses and unreached areas. He said that the growth of the bank was mainly due to its service and also due to half of its branches present 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. He also mentioned that the initial capital of the bank was Rs 1.25 lakh and its current net owned funds over Rs 2,370 crore.
Mr. K. Venkataraman, Managing Director and Chief Executive Officer of the bank said that the bank’s capital adequacy ratio stood at 14.83 per cent and the net non-performing assets at 0.21 per cent was one of the lowest in the country. He also said that the bank has been earning profit since inception.
The bank offers services such as deposit and loan products including home loan, personal loan, auto loan, educational loan, business loan etc. The bank offers all types of general insurance policies through a tie-up with M/s Bajaj Allianz General Insurance Company and offers life insurance policies through a tie-up with M/s Birla Sun Life Insurance Company.