Lakshmi Vilas Bank Ltd (LVBL) was incorporated in the year 1926. It came into existence to meet the growing demands of agriculture, small scale-industries and other priority sectors. To make itself a technology oriented bank,LVB has appointed M/s KPMG as IT consultant,to offer consultancy services and also to prepare IT strategy for the bank.
To improve customer services, it computerised all main branches and administrative offices in all the metros and urban/semi-urban areas.
The bank has actively participated in priority sector lendings, particularly under various government sponsored programmes for the upliftment and economic development of the rural poor. The bank also opened extension counter at EID Parry (I) Ltd., Pugalur Zion Matriculation Higher Secondary School, Selliyur and G S Pillai Engineering College, Nagapattinam.
The bank has made network to all the branches to provide on-line connectivity. It has made process of converting its DBMS platform to client-server environment to enable anywhere banking at a national level.
During December,2002 the bank has obtained Iicense from IRDA for marketing life insurance products of M/s AVIVA Life Insurance Company(formerly Dabur CGU Life Insurance Pvt Ltd). The bank will sell the insurance products intially in Andhrapradesh and Tamil Nadu through its 104 branches. It is also planning to enter into Non-life insurance segment through Corporate Agency arrangement. The total number of branches as of March,2004 were 224 and out of this one branch was converted into satellite branch.