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IDBI Capital ties up with Karur Vysya Bank
2007-05-10
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This was officially announced at a press conference in Karur today by Sri P.T. Kuppuswamy, Chairman, Karur Vysya Bank and by Sri O.V. Bundella, Deputy Managing Director, IDBI Ltd. and S Muhnot, MD & CEO, IDBI Capital.
Briefing the press, Sri P.T. Kuppuswamy said “The demat services will be made available at KVB, commencing from the month of June, 2007. Initially, the service will be available through 13 of our major branches and in time, this will be extended to all our branches in phases.” Speaking on the tie-up with IDBI Capital, he said “The IDBIpaisabuilder.in online investment portal of IDBI Capital Market Services Ltd., strongly recommended itself to us because it does not just provide on-line trading convenience, but also makes available easy and informed guidance to the retail investor, information about investing in equity, mutual funds, F&O and IPOs.”
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Addressing the press here, Sri S Muhnot, MD & CEO, IDBI Capital said “An advanced online trading portal, IDBIpaisabuilder.in is built with a core objective to provide easy and informed investing experience to investors. This association will provide customers of the bank with a world-class online investing platform with the backing of two very reputed and established financial institutions of the country. We are extremely glad to be associated with Karur Vysya Bank in this venture.”
With this tie-up, Karur Vysya Bank will be able to provide comprehensive investment solutions to all their customers. It will also help them to push their DP services. IDBI Capital in turn would benefit from the wide reach and presence of Karur Vysya Bank.
Speaking on the performance of KVB for the financial year 2006-07, Sri P.T. Kuppuswamy said “For the financial year that has just ended, KVB has reached total business levels of Rs. 16526.15 cr. We have recorded impressive growth rates in respect of both deposits and advances at 23.7% and 26.18% respectively. We have crossed the Rs. 1000 cr. mark in respect of Net Owned Funds and are likely to surpass the figure of Rs. 1100 cr. Our Net NPA level of below 0.25% is one of the lowest in the industry.
On the technology side, we are one of the earliest banks in the country to have achieved 100% networking of our branches and offices under Core Banking Solutions rendering services through multiple delivery channels. We offer the best of technology-backed services like Anywhere Banking Convenience, Net Banking, Mobile Banking, Multi-city Accounts and e-flash, which is our Real Time Gross Settlement Product for inter and intra bank transfer of funds in real time. We have a network of 246 own interconnected ATMs and our customers have access to over 10000 ATMs coming under the VISA / NFS / MITR / UTI cluster. Our USP is that we bring these technological services at affordable price so that the fruits of technology reach the common man. We plan to introduce more such technology backed products to live up to our objective of being a truly Techie Bank.” |
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