K'taka Bank launches non-financial subsidiary, KBL Services Ltd

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K'taka Bank launches non-financial subsidiary, KBL Services Ltd

K'taka Bank launches non-financial subsidiary, KBL Services Ltd

SC PV Kamat   ¦    Apr 03, 2021 04:09:19 PM (IST)

K\'taka Bank launches non-financial subsidiary, KBL Services Ltd-1 

Karnataka Bank, a leading private sector lender, launched its wholly-owned non-financial subsidiary, KBL Services Ltd, on March 31. Bengaluru is the registered head office of KBL Services Ltd. This Bank subsidiary was established as part of the ‘KBL – VIKAAS', a transformation journey, with the aim of achieving the Bank's long-term strategic objectives.

Mahabaleshwara M S, the managing director & CEO of Karnataka Bank, and non-executive chairman of KBL Services Ltd said, “Formation of the first wholly-owned non–financial subsidiary of the Bank, KBL Services Ltd, is a significant milestone for Karnataka Bank. With this new entity, Karnataka Bank is taking a big step in re-aligning its business strategy with the objectives of improving efficiency and achieving better results and valuation in the long run.

Expressing the relevance of digitalization in the banking sector he said, "Karnataka Bank is at the cusp of engineering a breakthrough in the Banking industry as the ground has already been laid to be the ‘Digital Bank of the Future'. Even before the Covid-19 outbreak, Indian Banking Industry had been undergoing a paradigm shift from the traditional ways of Banking with digital technology powering this change in all aspects of Banking. The advent of payment banks and fintech lenders has accelerated this change. Karnataka Bank is one of the first banks to Acknowledge, Accept and Adopt this change and took a proactive step as early as 2017 by initiating a holistic transformation journey, Project KBL - VIKAAS," he said.

"KBL Services Ltd will work on non-financial operations of the bank like management of alternate banking channels, back-end processing activities, IT project & support, digital capabilities, business sourcing, contact center management, etc. to the subsidiary in a phased manner. Karnataka Bank will have a renewed focus on its core banking business," he informed.

Further, explaining the objective he said "KBL Services Ltd is to strengthen the Bank’s fundamentals and build long-term capabilities to continue to stay ahead of the curve. Establishing a state-of-the-art Digital Centre of Excellence (DCoE) in Bengaluru has been the most important outcome of this project. DCoE is now the digital innovation hub of the Bank powering the launch of various digital products harnessing the latest cutting edge digital technology in the industry, he observed.

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