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Karnatakaa State Financial Corporation Case Study

751 Words4 Pages

2.1 Historical Background of Karnataka State Financial Corporation
Karnataka State Financial Corporation was established by the Government of Karnataka in March 1959 under the State Financial Corporation Act, 1951 for extending the financial assistance for setting up of tiny, small and medium scale industrial units in the state.
1. The main purpose of establishing Karnataka State Financial Corporation is to provide financial assistance to small, tiny and medium scale industrial units which are:
2. Promoted by technician entrepreneurs.
3. In the small scale sector.
4. Located in growth centers and developing areas of the state.
5. Promoted by Entrepreneurs belonging to scheduled caste, scheduled tribe, backward class and other weaker sections …show more content…

The Chairman, normally the Finance Commissioner presides over the meeting. The Managing Director, a full time Executive takes care of day-to-day administration of the organization.
To assist The Chairman & The Managing Director, KARNATAKA STATE FINANCIAL CORPORATION has 2 Executive Directors (Finance and operations) & 6 General Managers (corporate planning, credit, zones, administration, appraisal and recovery and internal audit).
At the senior level management, 16 Deputy General Managers, 27 Assistant General Managers with a legal advisor and 2 additional legal advisors are functioning. The Managers are executing the policies at the middle level …show more content…

The operational jurisdiction has been covered by seven zones headed by Deputy General Manager’s. The corporation has formed Executive committee, Managing committee, Default Review Committee, Audit Committee, Project Implementation Review Committee and Small Loans Advisory Committee to assist the Board.

2.1.7 Management

The management of Karnataka State Financial Corporation is pioneered by the Board of Directors constituted as per the State Financial Act of 1951, assisted by The Chairman, The Managing Director and The Executive committees.

The Board consist a total of 9 directors comprising of:
“One Chairman cum Managing Director appointed by SIDBI”
“Two Directors nominated by SIDBI”
“Two Directors nominated by the State Government”
“Two Directors to represent public sector Banks”
“Two Directors represented by Shareholders”

2.1.8 Personnel and Administration

The strength of KARNATAKA STATE FINANCIAL CORPORATION stood at 960 at the end of 31st March 2016 as against 1020 at the end of 31st march 2015. There are eight in-house training programmes that were conducted to cover 295 employees. 102 employees were delegated to external training programmes during the year.

2.1.9 Sanctioning Authorities

The sanctioning authorities are provided in the following

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