<p class="title">High costs and low profitability has resulted in income fluctuations for poor and marginalised sections of society, Supreme Court Judge Justice S Abdul Nazeer said on Friday. </p>.<p class="bodytext">He was delivering the Founders' Day lecture on 'Constitutional Philosophy and Banking' during the Karnataka Bank's Founders' Day celebrations organised at its head office.</p>.<p class="bodytext">He said banking is the lifeline of the modern economy. The concept of banking existed in ancient India as earlier as 2000 BCE to 1400 BCE during the Vedic period.</p>.<p class="bodytext">"Kautilya's 'Arthashastra' is a magnum opus on the Indian economy," added Justice S Abdul Nazeer.</p>.<p class="bodytext">During 1970-80, 70% of rural credit was under the control of 'Sahukars' who were non-institutional money lenders. Exorbitant interest rates on the loans availed from these money lenders proved to be death traps for borrowers. But, institutional money lending changed the scenario, he said.</p>.<p class="bodytext">He lauded banks for bringing financial stability among rural masses towards realising Mahatma Gandhiji's dream of 'Grama Swarajya' and achieving the goal of ensuring the quality of life.</p>.<p class="bodytext">He said the Constitution is not a mere collection of laws. It is a foundation for the core social values. Laws and societal values go hand in hand. The fundamental rights, fundamental duties and directive principles of state policy are the main three elements of the Indian Constitution.</p>.<p class="bodytext">Justice Abdul Nazeer expressed concern over the tendency of citizens to forget the fundamental duties while claiming only the fundamental rights.</p>.<p class="bodytext">Karnataka Bank Chairman P Pradeep Kumar said the bank had achieved a 63% target in net banking.</p>.<p class="bodytext">Bank Managing Director and Chief Executive Officer (CEO) Mahabaleshwara M said Karnataka Bank had set a new benchmark by receiving ISO certification for risk management. In association with SBI, one lakh co-branded credit cards were disbursed to beneficiaries.</p>.<p class="bodytext">As the bank will complete hundred years in a year, work on the centenary building of the bank is in progress, he added.</p>.<p class="bodytext">Commitment letters were handed over to Dr Padmanabha Kamath, managing trustee, Cardiology at Door Steps (CAD) Foundation, Ramana Annavarapu, board member IIMPACT, Gurugram, Haryana and Shivaram Pakkala, trustee, Aila Shree Durgaparameshwari Temple, Kerala, as part of the bank's CSR initiatives.</p>.<p class="bodytext">Justice Abdul Nazeer was felicitated on the occasion. Sameera Abdul Nazeer and Bank Director Justice A V Chandrashekar were present.</p>.<p class="bodytext">A Carnatic flute concert by Heramb and Hemanth was held. The artistes were accompanied by Vittal Rangan, Patri Satish Kumar and Dr S Karthick on violin, mridangam and ghatam respectively.</p>
<p class="title">High costs and low profitability has resulted in income fluctuations for poor and marginalised sections of society, Supreme Court Judge Justice S Abdul Nazeer said on Friday. </p>.<p class="bodytext">He was delivering the Founders' Day lecture on 'Constitutional Philosophy and Banking' during the Karnataka Bank's Founders' Day celebrations organised at its head office.</p>.<p class="bodytext">He said banking is the lifeline of the modern economy. The concept of banking existed in ancient India as earlier as 2000 BCE to 1400 BCE during the Vedic period.</p>.<p class="bodytext">"Kautilya's 'Arthashastra' is a magnum opus on the Indian economy," added Justice S Abdul Nazeer.</p>.<p class="bodytext">During 1970-80, 70% of rural credit was under the control of 'Sahukars' who were non-institutional money lenders. Exorbitant interest rates on the loans availed from these money lenders proved to be death traps for borrowers. But, institutional money lending changed the scenario, he said.</p>.<p class="bodytext">He lauded banks for bringing financial stability among rural masses towards realising Mahatma Gandhiji's dream of 'Grama Swarajya' and achieving the goal of ensuring the quality of life.</p>.<p class="bodytext">He said the Constitution is not a mere collection of laws. It is a foundation for the core social values. Laws and societal values go hand in hand. The fundamental rights, fundamental duties and directive principles of state policy are the main three elements of the Indian Constitution.</p>.<p class="bodytext">Justice Abdul Nazeer expressed concern over the tendency of citizens to forget the fundamental duties while claiming only the fundamental rights.</p>.<p class="bodytext">Karnataka Bank Chairman P Pradeep Kumar said the bank had achieved a 63% target in net banking.</p>.<p class="bodytext">Bank Managing Director and Chief Executive Officer (CEO) Mahabaleshwara M said Karnataka Bank had set a new benchmark by receiving ISO certification for risk management. In association with SBI, one lakh co-branded credit cards were disbursed to beneficiaries.</p>.<p class="bodytext">As the bank will complete hundred years in a year, work on the centenary building of the bank is in progress, he added.</p>.<p class="bodytext">Commitment letters were handed over to Dr Padmanabha Kamath, managing trustee, Cardiology at Door Steps (CAD) Foundation, Ramana Annavarapu, board member IIMPACT, Gurugram, Haryana and Shivaram Pakkala, trustee, Aila Shree Durgaparameshwari Temple, Kerala, as part of the bank's CSR initiatives.</p>.<p class="bodytext">Justice Abdul Nazeer was felicitated on the occasion. Sameera Abdul Nazeer and Bank Director Justice A V Chandrashekar were present.</p>.<p class="bodytext">A Carnatic flute concert by Heramb and Hemanth was held. The artistes were accompanied by Vittal Rangan, Patri Satish Kumar and Dr S Karthick on violin, mridangam and ghatam respectively.</p>
