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The Lakshmi Vilas Bank Limited (LVB) was founded eight decades ago ( in 1926) by seven people of Karur under the leadership of Shri V.S.N. Ramalinga Chettiar, mainly to cater to the financial needs of varied customer segments. The bank was incorporated on November 03, 1926 under the Indian Companies Act, 1913 and obtained the certificate to commence business on November 10, 1926, The Bank obtained its license from RBI in June 1958 and in August 1958 it became a Scheduled Commercial Bank.
During 1961-65 LVB took over nine Banks and raised its branch network considerably. To meet the emerging challenges in the competitive business world, the bank started expanding its boundaries beyond Tamil Nadu from 1974 by opening branches in the states of Andhra Pradesh, Karnataka, Kerala, Maharashtra, Madhya Pradesh, Gujarat, West Bengal, Uttar Pradesh, Delhi and Pondicherry. Mechanization was introduced in the Head office of the Bank as early as 1977. At present, with a network of 277 branches,1 satellite branch and 9 extension counters, spread over 15 states and the union territory of Puducherry, the Bank's focus is on customer delight, by maintaining high standards of customer service and amidst all these new challenges, the bank is progressing admirably. LVB has a strong and wide base in the state of Tamil Nadu, one of the progressive states in the country, has a vibrant industrial environment. LVB has been focusing on retail banking, corporate banking and bancassurance, is rendering high-tech services which include:
± 100 % CBS Branches.
± VISA Enabled International Debit Card.
± RTGS & NEFT enabled electronic funds transfer services.
± Internet Banking, Mobile Banking & SMS Alerts.
± Electronic Clearing Services (ECS).
± National Electronic Clearing Services (NECS).
± Payment through mobile phone via, Paymate.
coupled with all our existing recently launched innovative & attractive deposit schemes, and other loan schemes which suits large number of employees, comparable only with Best in the industry to-day.
Total business volume grew with the deposits level at around Rs.12813 Crores and the credit portfolio expanding to Rs.8183 Crores with a total Business mix of Rs.21625 Crores and registered growth at 37% for the year Half Year ended September 2011.
The bank has a suite of products that are constantly innovated to suit the changing needs of the customers.
To facilitate all the financial services under one roof, the bank has tied up for a bancassurance pact with Life Insurance Corporation of India for marketing life insurance products, Bajaj Allianz General Insurance Co. Ltd for General Insurance distribution business and arrangements for distributing the mutual fund products of 16 various reputed AMCs
The Bank believes in cost effective service delivery powered by “appropriate” technology to enhance value to customers. All our bank branches are in the state-of-the-art core banking software viz. Flexcube.
The Bank has an ATM network of 502, in vital/Major locations. Consequent to the tie-up with Cash Tree Network and NFS for ATMs, over 81000 & above ATMs.
In terms of service standards and operational efficiency, the bank has bench marked its practices with the best in the industry. The bank has taken great strides in reaching out to the various segments of the society through its innovative products delivered through multiple channels woven around branches in different geographies. True, life smiles where LVB serves.
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