Karur is also famous for two banks, since early twentieth centuries. The reason I am excited about these two banks is - these banks were started with an initial investment with as low as Rs.1,00,000 on those days - say early 19xx's.
I am impressed by the entrepreneural skills, risk taking personalities and at the most - they have started to help the financial side of agricultural and trade needs at those times.
Hats off to all the people behind these banks birth!
Karur Vysya Bank and Lakshmi Vilas Bank, Karur
Karur Vysya Bank
The year was 1916 when two illustrious sons of Karur, the Late Sri M.A. Venkatarama Chettiar and the late Sri Athi Krishna Chettiar came together to found Karur Vysya Bank (KVB) with an initial capital of Rs. 1 lakh with an avowed desire to support the agricultural and trade activities in and around Karur. In the business of providing exemplary financial service for over 90 years, KVB is today the favorite banker to millions of customers around the country, enjoying a premier position in the banking industry.
Business Landmarks as on 30th September, 2007:
* With a deposit base of Rs. 10916.38 cr. and advances figure of Rs. 7438.68 cr., KVB has recorded a total business of Rs. 18355.06 cr.
* The Net Profit earned by the bank during the first half of 2007-08 was Rs. 91.36 cr.
* The Net Owned Funds of the bank has reached a figure of Rs. 1063.16 cr. as on 31.03.2007. In fact, KVB is the first Tamilnadu based Old Private Sector Bank and the third in the country in this category to cross the Rs. 1000 cr. mark in Net Owned Funds. But the special landmark is that the entire amount is clocked under Tier I capital only.
* The Capital Adequacy ratio is at a healthy 15.42% on the increased asset base as against the RBI stipulated norm of 9%.
* With a record of uninterrupted earning of profits and declaration of dividend, KVB has declared 100% dividend consecutively for the past four years. This year, the bank had declared Rights and Bonus shares to its stakeholder and the dividend of 100% declared for 2006-07 is on the enhanced capital base.
Check out Karur Vysya Bank
The Lakshmi Vilas Bank Limited was founded seven decades ago ( in 1926) by seven people of karur. At present, the bank has a network of 236 branches, spread over 11 states and the union territory of Pondicherry.
The Lakshmi Vilas Bank's business crossed Rs. 8,752 crores as on March 31, 2007. The Bank earned a Net profit of Rs. 17.58 crores. The Net owned Funds of the Bank reaches Rs. 396.08 crores. With a fairly good quality of loan assets the Net NPA of the bank was pegged at 1.58 % as on March 31, 2007 down from 4.98% as on March 31, 2005.
Check out Lakshmi Vilas Bank
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