Kaveri Grameena Bank poised for expansion

Kaveri Grameena Bank, a regional rural bank sponsored by the State Bank of Mysore, has major expansion plans for the current financial year.

The bank, which has its headquarters in Mysuru, plans to open 43 new branches, achieve a business turnover of Rs.17,500 crore and reduce its non-performing assets by 60 per cent. During 2015-16, the bank had a net profit of Rs. 68.81 crore and opened 37 branches across 10 districts.

D. Somasekhara Sastry, chairman of the bank, said the total deposits during the period was pegged at Rs. 7,638.12 crore. The bank’s business turnover in 2015-16 was Rs.13,044.90 crore, as against Rs. 10,554.24 crore the previous fiscal, he added.

The bank has been playing a major role in implementing both Union and State government projects in its areas of operation. Mr. Sastry said the bank had opened 3,61,882 accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY) as on March 31, 2016, and the numbers were on the increase, with 94.62 per cent of these accounts Aadhaar-seeded as on that date. Under the Direct Benefit Transfer scheme, the bank has credited Rs. 2,585.78 lakh to 9,93,386 accounts.

Of the PMJDY accounts, 87.3 per cent of the account holders (3,15,863) were issued RuPay debit cards, said Mr. Somasekhara. Underlining the technological adoptions made by the bank, he said it was the first regional rural bank in the country to introduce biometric authentication in all branches, a second-level authentication for logging into the Core Banking Solution, as well as mandating user ID and password to prevent unauthorised logins. “All the 487 branches are working under the CBS platform so that customers can access their accounts through any of the branches,” he added.

In tune with the Centre’s guidelines, the bank has also issued Kisan Credit Cards and ATM debit cards to 59,309 farmers. The first tabletop ATM was installed at the Channarayapatna rural branch, Mr. Somasekhara said.