Private sector lender Karur Vysya Bank Ltd. (KVB) has started making changes to the model of business to sustain growth, MD & CEO B. Ramesh Babu said.
“We are a 106-year-old bank and have been paying dividends continuously, except for the COVID-19 year due to a RBI advisory,” Mr. Babu told the media. “For the last two years, we have started making changes to asset and liability sides.”
“Earlier, only the branch used to be the main channel for mobilising loans or deposits,” he said.
“Now, we have created a retail liability sales force for mobilising current and savings accounts.
Named ‘Feet On Street,’ the bank, on a pilot basis, has employed 500 people in the last three months with plans to recruit 800 more in 18 months. Their main responsibility would be acquiring new accounts, servicing existing customers and making recoveries.
For FY24, KVB is aiming at a growth of more than 14% in credit and deposits and maintain net interest margin at more than 4%.
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