Karnataka Bank, a prominent and leading Indian bank engaged in providing a wide range of banking and financial services, has made a significant announcement regarding a new initiative undertaken by the bank.
As per detail in the report, Karnataka Bank is set to introduce an innovative “Door-Step Gold Loan” service called “KBL-Swarna Bandhu” for its customers. This unique product offers end-to-end digitization of gold loans, enabling the bank to provide gold loan services directly to customers at their doorstep.
Initially, the service will be available in select bank branches and will gradually be extended to all branches. Karnataka Bank is strategically positioned to expand its gold loan portfolio and tap into the vast market opportunity.
The introduction of the Door-Step Gold Loan product represents a significant stride toward the bank’s goal of establishing a robust and healthy gold loan portfolio. Leveraging technology and doorstep service, the bank aims to enhance the quality of its gold loan portfolio in the coming days.
To achieve this, the bank has formed a partnership with SahiBandhu, a leading aggregator platform for gold loans supported by The Manipal Group. SahiBandhu will serve as a Corporate Business Correspondent and Lending Service Provider in this collaboration, aligning with existing guidelines on digital lending. This collaboration is expected to bolster the bank’s gold loan portfolio while showcasing the digital capabilities of both Karnataka Bank and SahiBandhu.
Today, the company’s shares began trading at Rs 247.90, marking a flat opening from the previous day’s closing price of Rs 246.50. They reached an intraday high of Rs 247.95 each on the BSE and finally closed the session at Rs 244.90 each on the BSE, representing a decline of a mere 0.65%.
The market capitalization of the company is Rs 7,659 crore. Additionally, the stock has delivered a return of 89% in the last six months and a remarkable multibagger return of 500% in the last three months.
Here is the chart presentation of the company’s shares on the monthly time frame:
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.