LAKSHMI VILAS BANK LTD
Lakshmi Vilas Bank established in 1926 to meet the financial needs of the people of the textile city of Tamilnadu. Founded by the seven dynamic entrepreneurs in Karur under the leadership of Shri V.SN. Ramalinga Chettiar.
Nine decades later, it emerged as a leading banking institution based on strong principles, responsive and shrewd leadership and exceptional resilience. The bank formed into a legal corporation on November 3, 1926, under the Indian Companies Act, 1913 and acquired the certificate to start a business on November 10, 1926. It secured its banking license from Reserve Bank of India(RBI) on June 19, 1958.
Expansion and Development of Lakshmi Vilas Bank:
In 1974, the bank began enlarging the branch network beyond Tamilnadu to avail opportunities in the pan-Indian market. The branches established in Mumbai, New Delhi, Kolkata, Maharashtra, Gujarat, Madhya Pradesh, Andhra Pradesh, Karnataka, and Kerala.
In 1976, the bank achieved the Authorized Dealer status in foreign exchange. Lakshmi Vilas Bank initiated Data processing and computerization in 1993. While the implementation of Core Banking Solution(CBS) commenced in 2006.
The products or services offered by the bank including Accounts, Fixed Deposits, Cards, Loans, Insurance, Investments, Internet Banking, Premium Banking and various banking solutions. It’s operations extended to 569 branches and 5 extension counters with PAN India presence, supervised by 7 Regional offices as on 30th June 2019. The bank has 32 “B” category branches, 1047 ATMs and POS machines. Moreover, it has an existence in 16 states and 3 Union Territories across the country.
The Bank’s Gross rose to Rs 20,556 Cr as on 30th June 2019 with Net Interest Income at Rs 123 Cr. While the total deposits pegged at Rs 28,980 Cr. The bank has a total business mix of Rs 49,536 Cr as on 30th June 2019.
Board of Directors:
Shri. B K Manjunath, Dr Y.N. Lakshminarayana Murthy, Shri. G. Sudhakara Gupta, Shri H S Upendra Kamath, Shri N Saiprasad are among the board of directors.