Karur Vysya Bank was founded on July 1, 1916, in Tamil Nadu’s Karur to revitalise agriculture, trade and industry. The founders initiated the journey with a modest seed capital of ₹1.2 lakh.
Karur Vysya Bank inaugurated its first branch in Dindigul on January 17, 1927. TBy 1952, the bank attained the esteemed status of a scheduled bank, solidifying its place in the financial landscape. Selvavridhi Bank Ltd joined forces with the bank in 1963.
The bank was listed on the National Stock Exchange (NSE) and became a listed public company in 2000.
Karur Vysya Bank Ltd has a market capitalisation of over ₹15,900 crore as of January 31, 2024. Karur Vysya Bank share price has grown by over 6% in the previous three years.
Business operations
Karur Vysya Bank (KVB) offers financial services, including commercial banking and treasury operations. The company operates through distinct segments like treasury, corporate, wholesale banking, retail banking and other banking operations.
The bank acquired a licence as a Corporate Agent to expand into life and general insurance businesses in 2003. Partnerships with Bajaj Allianz General Insurance and Religare Securities Ltd led to bancassurance and trading facilities respectively.
The period of 2008-09 witnessed expansion with the opening of 23 new branches, further widening the bank's presence. Tie-ups with Religare Securities Ltd and LIC Mutual Fund helped provide trading facilities and distribute mutual fund products.
Karur Vysya Bank continued its growth trajectory, reaching 667 branches and 1655 ATMs by March 31, 2016, adding 38 branches and 10 ATMs during the year. The bank has expanded its presence nationwide with 799 branches, 2,240 ATMs and cash recyclers across 20 states and 3 Union Territories, serving a customer base of over 7.9 million as of FY23. It also has 10,118 Point of Sale (POS) terminals deployed pan India.
It operates 15 business banking units and 9 corporate business units. It also has a vertical dedicated to New & Emerging Opportunities (NEO) and a division specialising in precious metals.
The company caters to over 79 lakh customers and over 2.2 lakh shareholders, as of March 31, 2023. As the FY23 ended, its total business stood at ₹1,40,806 crore.
Karur Vysya Bank has also embraced digitalisation in its services. It runs a customer onboarding app called DLite, which recorded 4.28 million downloads in FY23. Its digital transactions increased by 29%, reaching a share of 95%. Its UPI platforms witnessed transactions rising from 136.1 million to 196.6 million during FY23. In FY23, the bank enrolled 1,261 customers under Atal Pension Yojana.
The bank also actively incorporates government schemes in its services. It enrolled 81,755 customers under Pradhan Mantri Jeevan Jyoti Bima Yojana during the financial year 2022-2023. Similarly, it registered 1,43,183 customers under Pradhan Mantri Suraksha Bima Yojana.
