Karnataka Bank gains on entering into MoU with Northern Arc Capital
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Karnataka Bank is currently trading at Rs. 248.00, up by 1.05 points or 0.43% from its previous closing of Rs. 246.95 on the BSE.
The scrip opened at Rs. 249.60 and has touched a high and low of Rs. 249.60 and Rs. 246.00 respectively. So far 39426 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 286.35 on 20-Jan-2024 and a 52 week low of Rs. 124.10 on 29-Mar-2023.
Last one week high and low of the scrip stood at Rs. 254.00 and Rs. 233.10 respectively. The current market cap of the company is Rs. 8584.81 crore.
The Institutions holding in the Bank stood at 36.73%, while Non-Institutions held 63.27% in the Bank.
Karnataka Bank (KBL) and Northern Arc Capital, one of India's diversified NBFCs and a financial services platform, have entered into a memorandum of understanding (MoU), enabling the bank to offer customer-centric financial solutions to retail borrowers. The nPOS, Northern Arc's technology platform for co-origination, co-lending and pool buy-out aims to enable Karnataka Bank to seamlessly connect with multiple originators for loan origination, underwriting, disbursement, and collection, along with interactive dashboards, proactive nudges, and advanced reconciliation abilities. This collaboration will allow bank to digitally onboard various NBFCs, to lend significant amount of money and onboard a larger customer base as a result of their better consumer outreach.
Karnataka Bank operates as a private sector bank. Its products and services include current account, demand, time, cumulative, cash certificates, insurance linked savings bank deposits, resident foreign currency accounts and senior citizens deposit schemes
