Safety and security of depositors’ money is of utmost priority, says Karnataka Bank over false news row
MANGALURU: Karnataka Bank assured its customers and stakeholders that the safety and security of depositors’ money has always been and will continue to be the bank's utmost priority.
Stating that a few social media handles have been indiscriminately spreading false news about Karnataka Bank, a release said, the content of the news item is completely malicious and is made with the intention of creating confusion in the minds of the bank’s customers.
“We wish to reiterate that the Bank remains strong, resilient, and committed to upholding the trust placed in us over many decades,” said the release, here on Monday.
Speculations started to make rounds after the resignation of the MD and CEO of the Bank on late Sunday evening.
The release said the Bank strongly disapproves and condemns the malicious and baseless rumors recently circulated by a media outlet.
“These statements are clearly aimed at sensationalizing the issue and misleading the public, with motives that appear to be highly questionable. It is important to highlight that Karnataka Bank is well- capitalized, with a Capital Adequacy Ratio (CAR) of over 19.85%, which reflects the soundness of the Bank’s financial position and robust risk management practices,” it said.
“Bank’s fundamentals remain strong, and our commitment to transparency, customer service, and ethical governance remains unwavering. We have initiated appropriate legal proceedings against the media outlet in question for spreading false, misleading, and defamatory content without verifying facts with the Bank. Despite the seriousness of the claims made, the channel did not reach out to the Bank for clarification, a basic principle of responsible journalism that has been completely disregarded,” it added.
The bank has urged the public and customers to rely only on official communications from the Bank and avoid being misled by rumours intended to cause unnecessary panic.