Indian banking sector safe

[sajiv]

Udupi: Chairman of Karnataka Bank Ltd Ananthakrishna said on Monday that the Indian banking sector was strong enough to withstand the global financial crisis.

He was presiding at a function to mark the shifting of the Ambagilu branch of the bank to the Sujatha Complex premises on the Manipal Cross Road here. Mr. Ananthakrishna said that the global meltdown had created doubts in the minds of some people in the country about the viability of Indian banks.

The scheduled commercial banks had never failed to meet their commitments to depositors. "Depositors should have no fear regarding Indian banking sector," he said.

Stating that the Karnataka Bank Ltd was committed to giving best service to its customers, Mr. Ananthakrishna said that the business of the bank had reached Rs. 31,000 crore. Its deposits stood at Rs. 19 crore and advances at Rs. 12,000 crore. The bank had a total staff of 4,850 serving a clientele of 30 lakh.

Pro-Chancellor of Manipal University H.S. Ballal inaugurated the safe deposit locker of the branch. Businessman G. Shankar inaugurated the new branch. Director of the bank H. Ram Mohan and Chief General Manager P. Jayaram Bhat were present.