Latest News on Karnataka Bank
Bank employee in Karnataka arrested for taking loan against stolen gold worth 3.6kg
A staff member of Karnataka Bank has been arrested for allegedly stealing 3.6 kilograms of gold from the bank’s vault and using it as collateral to take out a loan. The incident occurred at the bank’s Jayanagar branch in Bengaluru. The accused, identified as Deepak, was a chief manager at the bank.
According to the police, Deepak had been working at the bank for several years and was aware of the security protocols in place. He allegedly stole the gold from the vault over a period of time, using his knowledge of the bank’s internal procedures to avoid detection.
Once he had stolen the gold, Deepak allegedly used it as collateral to take out a loan from another bank. The police have not disclosed the amount of the loan, but it is believed to be substantial.
The theft was discovered when a routine audit was conducted at the bank. The auditors found that a significant amount of gold was missing from the vault, and an investigation was launched. The police were called in, and after reviewing the CCTV footage and conducting inquiries, they identified Deepak as the prime suspect.
Deepak was arrested and charged with theft and cheating. The police have recovered 2.5 kilograms of the stolen gold, and efforts are underway to recover the remaining 1.1 kilograms. The bank has also launched an internal investigation into the incident and has suspended Deepak from his duties.
The incident has raised concerns about the security measures in place at the bank. The police have said that the theft was an “inside job” and that Deepak had taken advantage of his position to carry out the crime. The bank has assured customers that their deposits are safe and that it is taking steps to strengthen its security protocols.
The incident is a significant blow to the bank’s reputation, and it is likely to face scrutiny from regulatory authorities. The bank has promised to cooperate fully with the investigation and to take action against anyone found to be involved in the theft. The case is a reminder of the importance of strong internal controls and vigilant security measures to prevent such incidents from occurring.
SBI Axes Rs 1 Crore Air Accident Insurance for Select Customers from July Onwards
SBI Card has announced significant changes to its credit card policies, effective July 15, 2025, which will impact both premium and co-branded credit card users. One of the major changes is the discontinuation of complimentary air accident insurance on several cards. This means that cardholders will no longer receive automatic air accident insurance, a previously valuable feature for frequent flyers. The affected cards include SBI Card Elite, SBI Card Miles Elite, and Miles Prime, which will lose their Rs 1 crore coverage, as well as SBI Card Prime and Pulse, which will lose their Rs 50 lakh coverage.
In addition to the removal of air accident insurance, SBI Card will also update its minimum payment calculation formula. Starting July 15, the Minimum Amount Due (MAD) will be calculated as 100% of GST, EMI amounts, fees and charges, finance charges, and any over-limit amounts, plus 2% of the remaining outstanding balance. This change is likely to increase the minimum payable amount, especially for those with high EMIs or charges.
Another significant change is the revised order of payment settlement. From July 15, SBI will adjust payments in the following order: GST, EMIs, fees/charges, finance charges, balance transfers, retail purchases, and cash advances. This change will impact how interest is charged and how quickly cardholders can reduce their costliest debts.
Co-branded cards will also be affected by these changes. From August 11, 2025, cards with Rs 1 crore coverage, such as the UCO Bank SBI Card ELITE and Central Bank of India SBI Card ELITE, will lose their air accident insurance benefit. Cards with Rs 50 lakh coverage, including PRIME variants from South Indian Bank, Karnataka Bank, and Allahabad Bank, will also be affected.
Cardholders are advised to review their statements carefully and adjust their financial plans accordingly. The loss of insurance coverage and changes in payment processing could have significant implications for how much users pay and what protections they receive. It is essential for cardholders to understand these changes and plan their finances accordingly to avoid any unexpected charges or losses. Overall, these changes will require cardholders to be more mindful of their credit card usage and payment habits to minimize their costs and maximize their benefits.
Karnataka Bank makes key changes to its board leadership
Karnataka Bank Ltd, a public sector lender, has announced changes in its senior management. Mr. Ramesh Bhat, General Manager and Head of Credit Monitoring Department, has retired from the bank after attaining superannuation, effective March 31, 2025. As a result, Mr. Nagaraja Upadhyaya B, General Manager, will assume charge as Head of the Credit Monitoring Department on April 1, 2025.
Mr. Upadhyaya B, who joined the bank in 1996 as a clerk, has held various positions, including Branch Head, Regional Head of the Hyderabad and Tumakuru Regions, and Head of the Credit Marketing Department at Mangalore. Currently, he is working as the General Manager and is in charge of the Bengaluru Region. With his new appointment, he will also be a Senior Management Personnel of the Bank.
With Mr. Bhat’s retirement, he ceased to be a Senior Management Personnel of the Bank. The changes are aimed at ensuring a smooth transition and maintaining the bank’s operational efficiency. The new appointment demonstrates the bank’s commitment to promoting from within and developing its talent pool. The development is significant, and it will be interesting to see how the new leadership shapes the bank’s future initiatives and strategies.
Stock Market Updates of Karnataka Bank
Recent Updates
Karnataka Bank SO recruitment 2025: Online applications open for CA, IT, and Law professionals – apply now and accelerate your career!
Karnataka Bank has announced recruitment for various positions of Chief Auditors (CA), IT, and Law professionals. The bank is seeking applications from qualified and experienced candidates for these roles. The application process for these positions has begun, and interested candidates can apply online on the official website of Karnataka Bank.
The jobs available under this recruitment drive include:
* Chief Auditors (CA): The bank is looking for Chartered Accountants with a strong background in auditing and a minimum of 5 years’ experience in the same field.
* IT Professionals: The bank requires IT professionals with a minimum of 2 years’ experience in the banking and IT industry, with expertise in areas such as digital banking, Bank’s core banking solution, and banking software applications.
* Law Professionals: The bank is seeking advocates with a minimum of 5 years’ experience in the field of banking laws, contractual laws, and other allied laws.
To be eligible, the candidates must possess the following qualifications and experience:
* For CA position: A Chartered Accountant (CA) degree from the Institute of Chartered Accountants of India (ICAI)
* For IT position: A Bachelor’s degree in Computer Science/IT or relevant field, and a minimum of 2 years of experience in the banking and IT industry
* For Law position: A law degree from a recognized university, and a minimum of 5 years of experience as an advocate
The selection process will consist of an online written test, followed by an interview. The test will assess the candidates’ knowledge, skills, and aptitude for the respective roles.
Candidates can apply online by visiting the Karnataka Bank website and following the instructions provided. The last date for submitting the application will be announced soon. The bank also expects candidates to attach their resume, ID proof, and educational certificates.
For further details on the recruitment process, eligibility criteria, and application procedure, candidates can refer to the Karnataka Bank’s official website or contact their nearest branch. It is essential to note that the bank will communicate with the candidates through SMS and/or email regarding the further details of the recruitment process.