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LVB gears to become a financial supermarket

Turning 89, the Chennai-based Lakshmi Vilas Bank (LVB), has posted impressive results for the half year. With deposits growing at 21 per cent, advances at 28 per cent, the overall growth of 24 per cent and with net NPA at just 1.01 per cent, LVB has grown in business and grown healthily. “Our total business is Rs 40,000 crore,” said A J Vidyasagar, CGM and COO of LVB. The bank has licences to open 60 branches and it has opened 21 so far. “Our new branches, along with our existing offices are contributing to our performance. Our slogan is to be a happy bank,” said Vidyasagar.

To mark the entry into its 90th year, LVB has launched new products to enhance its services. An LVB-SBI co-branded credit card will offer credit card facility to LVB customers. These cards will be accepted at two million outlets worldwide and 285,000 outlets in India alone.  LVB has also unveiled the LVB Mobile. Thanks to the mobile banking app, a customer can transfer funds, enquire on balance, pay bills, request for chequebook...  Another initiative launched was the bancassurance initiative by LVB, joining hands with Cigna TTK Health Insurance. By this customers of LVB will benefit from health care and wellness solutions offered by Cigna TTK. By March, the company expects to do business worth Rs 46,000 crore. LVB has recently raised a tier 2 capital of Rs 140 crore by way of bonds and last year a rights issue helped raise a capital of Rs 400 crore.

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