K'taka Bank to offer Demat services in select branches

Biddar, Karnataka, Mar 15 (UNI) The Karnataka Bank will offer demat services to its customers from tomorrow, its Chief General Manager P Jayarama Bhat has said.

Speaking at the inauguration ceremony of the Bank's new premises at Chitguppa branch in Humanabad town here yesterday, he said the services would initially be made available at select branches of the bank, enabling the customers of those branches to buy and sell shares of various companies using their demat accounts.

Mr Bhat said the bank was also planning to expand its ATM networking in the state by increasing the number to 75 from the current 66. It had already tied-up with 24 other banks to use their ATM facilities for the benefit of its customers.

He informed that the bank was planning to open six new branches to provide customers easy access to their accounts.

He said the bank had achieved a turnover of Rs 18,500 crore for the financial year 2005-06 and its deposits stood at Rs 11,500 crore. It had distributed loans to the tune of Rs 7,000 crore, 20 per cent more than the previous financial year.

UNI BSR RG RKN1733