History
Karur Vysya Bank was established in the year of 1916 in Karur, a small textile township with an enormous agricultural background, by two renowned sons born in the city named Sri M.A. Venkatarama Chettiar and Sri Athi Krishna Chettiar. What they initiated as an endeavor with a small amount of just Rupees 1 lakh has now developed into one of the top financial organization that provides a widespread range of financial facilities to lots of its customers under single roof.The Bank has now got nearly 572 branch offices and about 1617 ATM centers covering up 18 States and 2 Union Territories across the Indian country. During the financial year 2013 to 2014, the Bank has further added 21 branch offices and 345 ATM centers.Viable banking in India can boast about a history of nearly 200 years. However some can trace back the history of the banking in India back to the 19th century, which is the commencement of the last century that saw the confinement of numerous banks in the Indian peninsula, established by individuals with great vision, obligation and national essence.
The Karur Vysya Bank Limited which is widely known as KVB, one such effort, was established in the year 1916 by the two amazing thinkers and renowned sons of Karur, the late Shri M A Venkatarama Chettiar and the Late Shri Athi Krishna Chettiar to instill the practice of investments and deliver financial aid to merchants and minor agriculturists in and around the Karur that was then a textile town in Tamil Nadu.
Current operations
Although the bank been established with a small amount of just Rupees 1 lakh, it has endured countless alterations and tests in the past few years and has commercially arose as one amongst the prominent banks in India without negotiating on its first principles.The bank is skillfully managed and led by the Board of Directors formed by members from diverse grounds with great vision, knowledge, understanding and commercial insight.
Retail banking
Cracking its characteristic local flavor, the bank has currently spread its wings distant and wide-ranging with more than 552 branch offices in nearly 13 States and 3 Union Territories in order to increase a slate Indian existence. The bank has always been directing its matters precisely to adapt to all the functional standards and demanding constitutional guidelines.Private banking
KVB has reliably retained solid principles with a developed percentage of Capital Adequacy Ratio that is authorized by the Reserve Bank of India. KVB has also been producing returns and recompensing its shareholders with striking bonuses since launch.Banking and Para banking services:
• Karur Vysya Bank delivers numerous deposit and credit products that are tailor made to furnish to the detailed requirements of the customers.• The bank delivers NRE / FCNR credits and payment facilities and has launched "KVB Gruhapravesh", home loans to Non Resident Indians.
• Karur Vysya Bank provides a widespread variety of the tailored products to suit diverse businesses under the MSME groups by the way of its innovative products like KVB MSME Pack, KVB Timber Plus, KVB Rice Plus, KVB Transport Plus, KVB Pharma Plus etc.
• The Bank has the complete variety of products and facilities for Business Banking and Forex Industry.
• The bank delivers all sorts of overall insurance plans over a tie up with the Bajaj Allianz General Insurance Company Ltd. • The Bank dispenses the Mutual Fund financial products of UTI, Reliance MF, SBI MF, Birla Sunlife MF,Sundaram BNP Paribas MF, Franklin Templeton MF and LIC MF.
• The Bank is a Stock Participant through NSDL and it opens various demat accounts.
• Karur Vysya Bank has made the ASBA facility available in its organization.
• The Off line and on line trading service is made accessible to all the demat customers that is permitted through a tie up with the M/s Religare Securities Ltd and the M/s IDBI Caps separately. • Karur Vysya Bank is one amongst the approved banks to open the accounts under the New Pension Scheme given by the Reserve Bank of India.
• Karur Vysya Bank POS terminal service is made accessible at the trader establishments.
• Karur Vysya Bank also retails pure 24 carat Assay qualified Gold Coins and bars and also silver bars.
Technological accomplishments:
Branch Banking
Karur Vysya Bank is one amongst the initial banks to make use of Core Banking Solution using technology across its office network. It gives the advantage of working in convenient business hours. It enables the branch offices to be fully equipped with ATM machines, Cash Deposit Machines and Kiosk. It was the sole reason to have brought up the Door Step Banking services like Cash pick up and Cash delivery.Alternate Channels
All the ATM centers are enforced with 24 hours of high Security. The Karur Vysya Bank has Well conserved ATM machines. It provides various value added services.Internet Banking
o Business and Non-business tradeso Convenient Bill Payments
o Transferal of money over RTGS/NEFT
o On-line term credit account opening
o On-line buying of various Gift or Travel Cards
o 1 time password validation for marketing transactions
o RSA Crypto symbols for Business transactions
o Immediate welcome and transaction warnings are sent over SMS
o Lock/Unlock account ability through SMS
o IRCTC online booking payments
o Business payments over expense aggregators like Bill Desk, Atom, CC Avenue, Tech Process, Ibibo etc.
o Easy payment of Electricity Bills online through internet
o Provides services for payment of various Direct and Indirect Taxes
Mobile Banking
o Easy financial and non-financial transactions can be made through mobile phone app.o Easy transfer of funds over the IMPS service
o Mobile Banking delivered Wallet services like Ypay Cash that made carrying money easier.
o Various ways of paying Utility Bill Payments
o It also allows to pay Electricity Bill Payments in the state of Tamilnadu
Point of Sales
o Karur Vysya Bank offers GPRS enabled serviceso It has Payment on T1
o It provides Risk Management Tool to customers to help prevent customers from undergoing fraudulent transactions
o Its enables the customer to make Balance enquiry, Statement viewing through the machines available at its kiosk
o It has established Help Desk facilities for very effective after sale services
o It calculates Modest rates based on the customer value
o It awards highly Attractive Reward points to its customers based on the usage they make
Pre-paid and Credit Cards
o Karur Vysya Bank offers GPRS enabled serviceso It has Payment on T1
o It provides Risk Management Tool to customers to help prevent customers from undergoing fraudulent transactions
o Its enables the customer to make Balance enquiry, Statement viewing through the machines available at its kiosk
o It has established Help Desk facilities for very effective after sale services
o It calculates Modest rates based on the customer value
o It awards highly Attractive Reward points to its customers based on the usage they make