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Karur Vysya Bank, incorporated 1916, is popularly known as KVB. The bank was founded by Late Shri M A Venkatarama Chettiar and the Late Shri Athi Krishna Chettiar with an intention to develop the saving habit and to provide financial assistance to traders and agriculturists in and around Karur, a textile town in Tamil Nadu.
The bank was set up with a seed capital of Rs 1 lakh. Today it has grown to 300 branches and an ATM network of 301.
The bank has access to over 13000 domestic ATMs under the VISA / NFS / MITR /Axis bank cluster and over 1 million VISA ATMs worldwide.
KVB provides VISA Debit card facility with a card base of over 1.30 million. Karur Vysya Bank is among 6 old generation private sector banks that has been identified by the Reserve Bank of India (RBI) to implement Speed Clearing at Mumbai.
Tie-ups
KVB has a tie up with Birla Sun Life Insurance Company and Bajaj Allianz General Insurance Company to offer all types of insurance products.
The bank is also engaged in distribution of mutual funds products namely SBI MF, Reliance MF, Sundaram BNP Parbas MF, Birla Sunlife MF, Franklin Templeton MF and LIC MF.
Karur Vysya Bank has a tie up with Religare Securities for off-line trading facility to its demat customers.
Products and Services
Personal Banking- Under this, KVB offers various products and services such as saving accounts, loans, deposits, ATM facility, RTGS/NEFT facility, internet banking, demat services, etc.
NRI Banking- Besides various personal banking products, it also offers remittance and consultancy services to its NRI clients.
Corporates- To corporates it offers various products and services such as corporate accounts, term finance, working capital loans, RTGS, NEFT and CMS,
Awards
Karur Vysya Bank was ranked as the Most Efficient Small Bank by Business Today – KPMG.
The bank was recognised as No 1 Old Private Sector Bank by Financial Express – Ernst & Young.
The bank was awarded the CFBP Jamnalal Bajaj Fair Business Practices Award in the financial sector by the Council for Fair Business Practices, Mumbai.
Initiatives
The bank will soon launch online utility payment facility through Billdesk.com for effecting payments for electricity, telephone and water tax bills and for insurance and mutual fund payments.
The bank has a tie up with enStage.com to launch a prepaid travel card.
KVB will also introduce facilities like institutional fees payment and inter account/card funds transfer.
Outlook
The bank is opening a branch located at Cheyyar, Tamil Nadu.
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