Karnataka Bank
Karnataka Bank Seeks RBI Intervention to Reverse Suspicious Cross-Border UPI Transaction of ₹18.87 Crore
Karnataka Bank has recently reported to the Reserve Bank of India (RBI) a suspicious cross-border Unified Payments Interface (UPI) transaction worth Rs 18.87 crore. The bank claims that it has suffered a loss of Rs 18.57 crore due to an UPI reconciliation issue, which resulted in the irregular transaction.
According to reports, the transaction in question was observed on June 12, 2022, where an amount of Rs 18.87 crore was debited from the bank’s account and credited to an unknown entity. The bank’s internal investigation revealed that the transaction was suspected to be a cross-border payment, which is prohibited under the RBI’s guidelines.
The bank has requested the RBI to reverse this transaction, as it was made without its consent. The RBI has been informed that the bank is yet to receive the required information and confirmation from the Reserve Bank of India (RBI) to proceed with the reversal of the transaction.
This incident highlights the potential risks associated with the UPI platform, which has been growing in popularity in India. With the rapid growth of digital payments in the country, the RBI has been working to strengthen the security measures to prevent such incidents from occurring. However, it is essential for banks and financial institutions to be vigilant and take necessary steps to protect themselves from such threats.
The Karnataka Bank’s experience serves as a wake-up call for other banks and financial institutions to be cautious and proactive in monitoring their transactions to prevent similar incidents. The RBI needs to take this incident as an opportunity to revisit and strengthen its guidelines and regulations to ensure the security and integrity of the UPI platform.
In conclusion, the Karnataka Bank’s report to the RBI regarding the suspicious cross-border UPI transaction of Rs 18.87 crore is a matter of concern and a reminder of the importance of robust security measures in the digital payment landscape. The RBI needs to take concrete steps to mitigate such risks and ensure the safety and security of transactions on the UPI platform.
Karnataka Bank alerts RBI to a suspicious cross-border UPI transaction totalling Rs 18.87 crore.
Karnataka Bank has reported a suspicious cross-border UPI (Unified Payments Interface) transaction of Rs 18.87 crore to the Reserve Bank of India (RBI). According to reports, the bank has requested the RBI to reverse the transaction, which is suspected to be an illegal act.
The transaction in question is believed to have taken place on an international payment gateway, which is not a valid or authorized platform for UPI transactions. Karnataka Bank has alleged that the transaction was initiated from a foreign IP address, which is not a legitimate user of the platform.
The bank has claimed a loss of Rs 18.57 crore due to this reconciliation issue, which has resulted in the bank’s balance becoming negative. The bank has requested the RBI to investigate the matter and take necessary action to recover the loss.
This incident highlights the vulnerability of the UPI system, which is widely used for online transactions in India. The RBI’s oversight and regulations are being questioned, as such a large-scale irregularity could have gone unnoticed.
The bank has also requested the RBI to take necessary steps to prevent such incidents in the future, particularly in the case of cross-border transactions. This is a concern, as UPI transactions are becoming increasingly popular, and such incidents can have serious consequences, including financial and reputational damage to the bank.
The RBI has not yet commented on the matter, but the Karnataka Bank’s action is a wake-up call for the regulator and the banking industry as a whole. The incident highlights the need for greater vigilance and stricter regulations to ensure the security and integrity of the UPI system.
Karnataka Bank to mark its founders’ day on February 18 with a special celebration
Karnataka Bank is set to celebrate its founders’ day on February 18 at its head office in Mangaluru, with a special address by Madhusudan Sai, a humanitarian and spiritual teacher. Sai has been working to uplift people through various initiatives, including free nutrition, education, and health care, since 2012. His global humanitarian mission has spanned 80 countries. The event will be held at 4 p.m. and will be attended by the bank’s chairman, P. Pradeep Kumar, and its Managing Director and CEO, Srikrishnan H.
The address by Sai will be followed by a Carnatic music concert featuring Vidwan P. Unnikrishnan on the vocal and Vidwan Shashank Subramanyam on the flute. This unique blend of spirituality and music is expected to attract a large audience. Karnataka Bank’s founders’ day celebration is an annual event that marks the anniversary of the bank’s inception. This year’s event is being celebrated with a special focus on social service and spiritual growth. The bank’s aim is to promote a sense of community and bring people together in the spirit of service and selfless work.
The event is expected to be a thought-provoking and inspiring experience for all those who attend. As a way to give back to the community, Karnataka Bank is using its founders’ day to highlight the important work being done by Madhusudan Sai and his mission. The bank hopes to inspire more people to join hands in making a positive difference in the world. Overall, the founders’ day celebration is expected to be a memorable and enriching experience for all involved.
A visionary leader should possess a blend of emotional intelligence, a clear direction, and inspiring authority, according to Karnataka Bank’s Chairman.
The Silver Jubilee celebrations of Manel Srinivas Nayak Institute of Management (MSNIM) took place in Mangaluru, with Karnataka Bank chairman P. Pradeep Kumar as the keynote speaker. Kumar emphasized the importance of empathy, vision, and leadership for modern managers, who must be able to make ethical and sustainable decisions while challenging the status quo. He also highlighted the need for greater integration of AI and industry collaboration in academic curricula, in light of India’s growing importance in the global economy.
Kumar noted that the ongoing US-China trade war could create new opportunities for India, and that tier-2 cities are poised for growth due to land constraints in metro areas. He also spoke about the importance of adopting a global perspective and being competitive in a rapidly changing world.
Other speakers at the event included St. Aloysius Deemed to be University’s Vice-Chancellor, Praveen Martis, who stressed the importance of vision and strong foundation for an institution’s growth, and Mangalore University Registrar K. Raju Mogaveera, who urged students to be globally competitive for India to advance on the world stage.
The institute felicitated several individuals for their contributions to the institution, including Institute mentor Vittaldas Leeladhar, who reminisced about his long association with MSNIM. The event also marked the celebration of over 25 years of MSNIM’s establishment, during which it has graduated over 1,400 MBA students, many of whom have excelled globally. The institute is accredited with an ‘A’ grade by NAAC and is part of the Besant Group of Institutions, founded in 1918 by Dr. Annie Besant, a renowned theosophist, freedom fighter, and social reformer.
Senior citizens can now earn up to 9.5% interest on fixed deposits as FD rates surge after RBI’s 25-bps repo rate cut – MSN
In response to the Reserve Bank of India’s (RBI) decision to cut the repo rate by 25 basis points, several senior citizen-focused fixed deposit (FD) schemes are offering interest rates as high as 9.5%. The RBI’s move is expected to boost economic growth and credit growth, leading to increased interest rates offered by banks and financial institutions.
Here are some senior citizen FD schemes with attractive interest rates:
* Bank of India’s Senior Citizen Scheme offers a fixed interest rate of 8.75% per annum for FDs up to ₹5 lakh.
* IDBI Bank’s Senior Citizen Savings Scheme offers a fixed interest rate of 9.05% per annum for FDs up to ₹1 lakh.
* Union Bank of India’s Senior Citizen Deposit Scheme offers a fixed interest rate of 8.75% per annum for FDs up to ₹1 lakh.
* Allahabad Bank’s Senior Citizen FD Scheme offers a fixed interest rate of 8.85% per annum for FDs up to ₹5 lakh.
* Canara Bank’s Senior Citizen FD Scheme offers a fixed interest rate of 8.95% per annum for FDs up to ₹5 lakh.
* Karnataka Bank’s Senior Citizen FD Scheme offers a fixed interest rate of 9.25% per annum for FDs up to ₹5 lakh.
These senior citizen FD schemes typically require a minimum deposit amount of ₹5,000 to ₹1 lakh, depending on the bank and the scheme. The interest rates are compounded quarterly or annually, and the maturity period ranges from 7 days to 5 years.
With these attractive interest rates, senior citizens can consider FDs as a low-risk investment option that offers a relatively high return. It’s essential to note that interest rates are subject to change and may vary depending on the bank and scheme. Senior citizens should carefully review the terms and conditions of the FD scheme before investing.
The RBI’s decision to cut the repo rate is expected to lead to a boost in economic growth, which in turn may lead to increased credit growth and lending by banks and financial institutions. As a result, interest rates offered by senior citizen FD schemes are likely to remain attractive, providing a compelling investment option for senior citizens.
Explore the latest fixed deposit interest rates offered by India’s top banks, as reported by Asianet Newsable.
Ahead of the Reserve Bank of India’s (RBI) monetary policy meeting on February 7, several government and private banks in India have announced an increase in their fixed deposit (FD) interest rates, bringing good news for depositors. The banks that have raised their FD interest rates include Union Bank of India, Punjab National Bank, Axis Bank, Shivalik Small Finance Bank, Karnataka Bank, and Federal Bank.
According to reports, Punjab National Bank has offered 7% interest rate for 303 days and 6.7% for 506 days. The new interest rates are effective from January 1st. Similarly, Karnataka Bank offers interest rates ranging from 3.5% to 7.50% for 7 days to 10 years, with 7.50% for 375 days.
Union Bank of India is offering a maximum interest rate of 7.30% for 7 to 10 days, effective from January 1st. Axis Bank is offering interest rates on deposits up to 3 crore rupees ranging from 3% to 7.25% for 7 days to 10 years, with the new rates being effective from January 27th.
Federal Bank is offering 3% to 7.5% interest for 7 days to 5 years or more, with senior citizens receiving 3.5% to 8% interest. The new rates are expected to benefit customers who are looking for a fixed return on their deposits.
It’s worth noting that the RBI’s monetary policy meeting is also expected to bring a repo rate reduction, which could lead to further interest rate changes in the banking sector. For now, depositors can consider investing in these FDs with the newly increased interest rates from these banks, providing them with a better return on their investment.
Several banks raise fixed deposit rates in anticipation of RBI’s upcoming monetary policy review
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Several banks in India have revised their fixed deposit (FD) interest rates, effective from January 1 to January 27. Punjab National Bank (PNB) has introduced new FD tenures with interest rates of 7% for 303 days and 6.7% for 506 days. The bank offers interest rates ranging from 3.5% to 7.25% for tenures spanning 7 days to 10 years.
Shivalik Small Finance Bank offers FD interest rates from 3.5% to 8.8% for general citizens and 4% to 9.3% for senior citizens, effective January 22. Karnataka Bank offers rates between 3.5% and 7.5% for tenures from 7 days to 10 years, with the highest rate of 7.5% applicable for 375-day deposits, effective January 2.
Union Bank of India offers interest rates from 3.5% to 7.3% for deposits under Rs 3 crore, with the highest rate of 7.3% for a 456-day tenure, effective January 1. Axis Bank provides FD rates ranging from 3% to 7.25% for general citizens with tenures between 7 days and 10 years, effective January 27.
Federal Bank offers interest rates from 3% to 7.5% for general citizens, with the peak rate of 7.5% available for a 444-day term, effective January 10. These revisions reflect banks’ strategies to attract deposits amidst expectations surrounding the upcoming RBI policy review.
Overall, these changes aim to attract deposits and provide competitive interest rates to customers. It is essential for individuals to review and compare the interest rates offered by different banks to make informed decisions about their FD investments.
Karnataka Bank Limited announces the appointment of Mr. Sekhar Rao as Executive Director, effective from February 1, 2023 to January 31, 2025.
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The Karnataka Bank Limited has announced the appointment of Mr. Sekhar Rao as an Executive Director, effective February 1, 2023. This decision was made by the Bank’s Board of Directors during their meeting on January 31, 2025. With over 30 years of experience in banking, payments, and settlements, Mr. Rao brings a wealth of knowledge and expertise to the role. His background is characterized by senior management and CXO positions, where he has gained experience in retail banking, products, strategy, and operations.
Mr. Rao’s impressive career spans over 19 years in the BFSI (Banking, Financial Services, and Insurance) industry, with previous roles at various banks. He has expertise in managing large branch networks and business units with profit-and-loss responsibility, setting up new business verticals, distribution channels, and network expansion. Additionally, he has experience in managing digital and alternate channels, establishing centralized operation units, and technology teams, as well as consulting on business strategy and banking operations projects.
Mr. Rao’s unique strengths lie in his ability to drive business growth, develop and execute business strategies, and manage complex projects. He has also worked with regulators and has extensive experience in setting up and scaling a fintech start-up. His expertise will be an asset to the Bank, and his appointment as Executive Director is a testament to his impressive professional track record. With Mr. Rao joining the Board, the Karnataka Bank Limited gains a seasoned executive with the capacity to drive the company’s future growth and success.
YES Bank and DCB Bank raise FD interest rates up to 8.55%; check revised details
Several banks in India have revised their fixed deposit (FD) interest rates in January 2025 to attract more depositors. YES Bank and DCB Bank are the latest ones to join the bandwagon. The revisions come ahead of the Reserve Bank of India’s (RBI) Monetary Policy Committee meeting on February 7, 2025.
YES Bank has revised its FD interest rates for amounts below Rs 3 crore, with new rates effective from January 31, 2025. The bank offers annual interest rates between 3.25% and 8% for general citizens for tenures ranging from 7 days to 10 years. For senior citizens, the bank offers interest rates between 3.75% and 8.50% per annum.
DCB Bank has also revised its FD interest rates, effective from January 29, 2025. The bank offers interest rates between 3.75% and 8.05% on FD amounts below Rs 3 crore for general citizens for tenures ranging from 7 days to 10 years. For senior citizens, the bank offers interest rates between 4.25% and 8.55% for amounts below Rs 3 crore.
Other banks that have revised their FD interest rates include Union Bank of India, PNB, Axis, Shivalik Small Finance Bank, Karnataka Bank, and Federal Bank. These revisions aim to attract more depositors and compete with other banks in the market.
For investors, these revised interest rates offer better returns on their fixed deposits. With interest rates ranging from 3.25% to 8.55% per annum, investors can earn higher returns on their deposits. Additionally, senior citizens can earn higher interest rates than general citizens, making it a more attractive option for them.
Overall, the revised FD interest rates from these banks provide investors with more options to earn higher returns on their deposits.
Karnataka Bank received six prestigious awards for its commitment to banking technology excellence.
Karnataka Bank recently won six awards at the “20th Annual Banking Technology Conference, Expo & Citations, 2024” organized by the Indian Banks’ Association. The bank was recognized in the following categories:
* Best Tech Talent and Organization (runner-up)
* Best IT Risk Management (runner-up)
* Best Technology Bank (runner-up)
* Best Fintech and DPI Adoption (runner-up)
* Best Digital Sales, Payments, and Engagement (special mention)
* Best AI and ML Adoption (special mention)
Karnataka Bank’s Managing Director and CEO, Srikrishnan H, expressed pride in the recognition, attributing it to the combined capabilities of the bank’s technology center, Digital Centre of Excellence (DCoE), and Analytical Centre of Excellence (ACoE) in Bengaluru.
Executive Director Sekhar Rao emphasized the bank’s focus on technology and digital transformation, stating that Karnataka Bank is poised to achieve significant milestones in its growth journey, particularly in its second century of existence. Rao credited the bank’s IT, digital, and analytics team for their dedication and enthusiasm in fully adopting IT across branches and different verticals.
Overall, these awards reflect Karnataka Bank’s commitment to innovation and technology, setting it apart from other financial institutions. The recognition is a testament to the bank’s ability to adapt and transform in an ever-changing banking landscape.
Karnataka Bank PO Results 2025 Now Live: Access Direct Download Link
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Karnataka Bank has announced the result of the Probationary Officers (PO) examination on its official website, www.karnatakabank.com. The result was declared on January 22, 2025, and candidates who appeared in the online examination held in December 2024 can now download their results using their application number and date of birth. The examination was conducted to recruit Probationary Officers, and the selected candidates will proceed to the next stage of the recruitment process, which includes an interview.
The Karnataka Bank PO Result 2025 is a significant milestone in the careers of aspiring bankers, marking the beginning of their journey towards becoming successful Probationary Officers in the bank. The examination tested candidates on various subjects, including reasoning, quantitative aptitude, general awareness, computer awareness, and English language.
To download the result, candidates need to visit the official website of Karnataka Bank and enter their application number and date of birth. The required details to download the result are application number and date of birth. The selection process consists of an online test and an interview.
For the convenience of candidates, the official website of Karnataka Bank has been provided along with the WhatsApp and Telegram official channels. The link to download the Karnataka Bank PO Result 2025 is available in the given section. To access the result, candidates will need to provide their login details provided at the time of registration.
In conclusion, the Karnataka Bank PO Result 2025 has been announced, and candidates who have qualified will move forward to the next stage of the recruitment process. The result can be downloaded using the application number and date of birth from the official website of Karnataka Bank.