Latest News on Karur Vysya Bank
Karur Vysya Bank marked a significant milestone by launching 46 new branches in the 2024-25 fiscal year, enhancing its presence and services across the country.
Karur Vysya Bank, a Tamil Nadu-based lender, has expanded its network with the addition of 46 new branches across India. This brings the total number of branches to 888, as of the financial year 2024-25. The bank’s recent branch openings in Kumbakonam, Visakhapatnam, Coimbatore, and Alapakkam, Chennai, are expected to cater to customers’ basic banking needs, as well as provide a range of banking products and financial services, including retail, institutional, and consumer lending.
The bank has also made significant progress in expanding its ATM network, now with over 2,200 pan-India. As of December 31, 2024, the bank’s total business stood at ₹1,81,993 crore, with a deposit base of ₹99,155 crore and advances of ₹82,838 crore.
This expansion marks another major milestone for Karur Vysya Bank, which has demonstrated its commitment to growing its presence while providing a wider range of services to its customers. With its increased reach and capacity to deliver a broad spectrum of banking products and financial services, the bank is well-positioned to meet the evolving needs of its customers and clients across India.
Karur Vysya Bank officially inaugurates its latest branch in Lingam Nagar, Tiruchi, further expanding its footprint in the region.
Karur Vysya Bank (KVB) has opened a new branch at Lingam Nagar on Kuzhumani Main Road, near Woraiyur, in the city. The branch was officially inaugurated by Kannan, the Executive Officer of Sri Boologanatharswamy Temple, on Monday. This new branch adds to the bank’s growing network, which has seen significant expansion in recent years.
According to a press release from the bank, by 2024-25, KVB had added 42 new branches, bringing the total number of its branches to 884. This expansion demonstrates the bank’s commitment to increasing its presence and reach in the region. The new branch is likely to benefit the local community by providing easier access to banking services, including deposits, withdrawals, and other financial transactions.
The opening of the new branch is a significant milestone for the bank, which has been serving the community for over 100 years. KVB has a rich history of providing a range of banking services to individuals, small and medium enterprises, and corporate clients. The bank’s commitment to expansion and growth is a testament to its vision of being a leading bank in the region.
The increasing number of branches is expected to bring numerous benefits to the community, including job creation, economic growth, and improved access to financial services. As the bank continues to expand its network, it will be interesting to see how it leverages technology to enhance customer experience, improve operational efficiency, and drive growth. Overall, the opening of the new branch is a significant step forward for KVB, and it will be exciting to see how the bank continues to evolve in the coming years.
Karur Vysya Bank slapped with ₹160 crore demand notice from IT Department
Karur Vysya Bank has received a notice from the Income Tax Department’s assessment unit regarding a tax demand of ₹160.33 crore for the assessment year 2023-24, which pertains to the financial year 2022-23. The demand is due to certain additions and disallowances made by the tax authorities. The bank has disclosed that it is currently preparing to file an appeal with the first appellate authority to challenge the disallowances.
The bank is confident that it has sufficient legal grounds to defend the demand and is hoping that the appeal will be successful, which would result in the demand being set aside. Despite the notice, the bank has assured that the demand will not have any impact on its financial, operational, or other activities.
The bank’s statement suggests that it is taking a proactive approach to address the issue by preparing an appeal and is optimistic about the outcome. This approach demonstrates the bank’s commitment to transparency and its ability to manage challenges in a responsible manner. The notice from the tax authorities is a common occurrence for any business, and the fact that the bank is taking steps to address it ensures that it can continue to operate smoothly and serve its customers without disruption.
The news about the tax demand has been shared publicly by the bank, providing investors and stakeholders with transparency and disclosure regarding the issue. This shows that the bank is committed to keeping its stakeholders informed about material developments and is willing to address any concerns they may have. Overall, the news does not suggest any significant concerns for the bank’s financial performance or stability, and it is likely to be business as usual for the bank.
Stock Market Updates of Karur Vysya Bank
Recent Updates
Shri Sankar Balabhadrapatruni takes up the role of Executive Director at Karur Vyasa Bank, assuming leadership responsibilities with great enthusiasm and commitment.
Shri Sankar Balabhadrapatruni has been appointed as the Executive Director of Karur Vysya Bank for a three-year term, effective March 12, 2023. The appointment was approved by the Reserve Bank of India under Section 35B of the Banking Regulation Act, 1949. With over 35 years of experience in banking, Sankar has held significant leadership roles at the State Bank of India (SBI) and has a strong track record in managing stressed assets. As Deputy Managing Director, he has successfully managed Rs 82,000 crores worth of Non-Performing Assets (NPAs).
Sankar’s expertise spans various areas, including Small and Medium Enterprise (SME) business growth, risk management, internal auditors, and branch operations. His leadership experience will undoubtedly benefit Karur Vysya Bank, as he works to enhance the bank’s performance and growth. This appointment is a testament to Sankar’s capabilities and commitment to the banking sector.
As the new Executive Director, Sankar will be responsible for providing strategic guidance and oversight to the bank’s operations. His leadership will be crucial in driving the bank’s growth, improving risk management, and enhancing customers’ experience. With his extensive experience and expertise, Sankar is well-positioned to make a positive impact at Karur Vysya Bank.
Karur Vysya Bank has launched its services in three new locations, further expanding its extensive network.
Karur Vysya Bank (KVB) has launched three new branches in Andhra Pradesh, Karnataka, and Tamil Nadu. The branches were inaugurated on March 11, 2025, and will offer a range of banking services, including accounts, deposits, and loans. This is part of the bank’s expansion plans, which saw the addition of 38 new branches during the 2024-25 financial year. With these new branches, KVB now has a total of 880 branches across the country.
The three new branches, located in Ongole (Andhra Pradesh), Bangalore (Karnataka), and Bagayam (Tamil Nadu), will provide a comprehensive range of banking products and services, including retail and commercial banking, insurance products, and more. The branches are equipped with advanced facilities, including ATMs, Cash Deposit Machines, and Passbook printers, to make it convenient for customers to conduct their banking transactions.
KVB also offers its customers internet banking and mobile banking facilities, including its mobile app, KVB DLite, which provides a range of financial and non-financial services. The app has recently been upgraded with new customer-friendly features, making it easier for customers to access their accounts and conduct transactions on-the-go. The bank’s commitment to innovation and customer convenience is evident in its efforts to provide seamless banking experiences to its customers. With the launch of these new branches, KVB is strengthening its presence in the Indian banking landscape and catering to the growing demand for banking services in the region.