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‘Provide more education, housing loans’

Staff Reporter
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Banks play a crucial role in the economic development of the nation

proud moment:Supreme Court Judge C. Nagappan presents the best performance award to a branch manager during the founders' day celebration of Karur Vysya Bank in Salem on Saturday.— PHOTO: E. LAKSHMI NARAYANAN
proud moment:Supreme Court Judge C. Nagappan presents the best performance award to a branch manager during the founders' day celebration of Karur Vysya Bank in Salem on Saturday.— PHOTO: E. LAKSHMI NARAYANAN

Banks play a crucial role in the economic development of the nation and hence, they should provide more loans for education, housing and to the downtrodden in the society, Justice C. Nagappan, Judge, Supreme Court, said here on Saturday.

Grievances

At the 97{+t}{+h}Founders’ Day celebration of Karur Vysya Bank, he called for banks to have quick and effective redressal grievances mechanism to satisfy the needs of the customers. “Only if people have trust, banks will grow,” he said.

He added that banks carry public money and should be more responsible in building trust, based on integrity and high quality service so that customers enjoy their relationships with bank.

NPA

Mr. Nagappan recalled the dedicated service of M.A. Venkatarama Chettiar and Athi Krishna Chettiar, the founders of KVB, who in 1916 started the bank with just Rs. 1.20 lakh for helping farmers and traders affected by World War I and grown into Rs. 3,300 crore net worth bank in 2013.

He also said that the 0.37 per cent non-performing asset (NPA), which is below 1 per cent, is unbelievable and complimented the present and past directors of the bank for achieving this commendable performance. He also complimented private banks that had entered interior villages where only nationalised banks were present. Managing Director and Chief executive Officer K. Venkataraman said that the bank has currently 562 branches across the country with 1,489 ATMs. “The dividend given in the past six years is between 120 per cent and 140 per cent,” he added. Awards were presented to branch managers from across the country for their performance during the financial year 2012-13.

Earlier, K.P. Kumar, Chairman, welcomed the gathering while M.G.S. Ramesh Banu, Director, proposed a vote of thanks. The celebration began with a music concert by Nithyasree Mahadevan and party.

From World War I the bank had grown to Rs. 3,300 cr. net worth in 2013.

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