The Tamil Nadu based Karur Vysya Bank (KVB) will soon set up a divisional office in Ernakulam, Kerala. The office will be opened to administer the bank's branches in the southern state of Kerala. Talking about it, the Managing Director and CEO of the bank, Mr. K. Venkataraman said that the divisional office will utilize entire banking potential in the state, mainly Non Resident deposits like term deposits of various tenures.
Currently, the private sector bank has 13 branches in Kerala and another is scheduled to be opened shortly, in Thalassery.
The bank has reported another major development in its retail loans segment. Its home loans product, ‘KVB Gruhpravesh', which has been developed specially for the NRE customers, has received positive response from them.
The product is being offered as part of festival bonanza at a low interest rate of 11 percent. Additionally, special car loan products are also been offered to NRI customers at low interest rates of 11.50 percent.
Reportedly, KVB has a branch network of 517 branches throughout the country and has planned to open another 26 branches in immediate future.