Lakshmi Vilas Bank expects 20% rise in business FY17

Bank also aims to add 60 branches during this financial year

Private Sector Lakshmi Vilas Bank is expecting a 20% growth in its business, including deposits and advances during this financial year, a top official said on Saturday.

The Bank has recorded a business of over Rs 45,000 crore during the last financial year and it is expected to sustain a growth rate of 20% during 2016-17, Bank Managing Director and CEO, Parthasarathi Mukherjee said.

The bank is now focusing on providing specialised customer services like Crown Lounge, which is a strategic step towards providing better experience to High Network Individual customers, Mukherjee said here.

Stating that services like Crown Lounge, which was introduced a year ago, will definitely contribute to the increase in the business of the bank, he said that with three Lounges – Bengaluru, Chennai and Hyderabad, the repsonse was good and the customer base for this particular service touched 4,000 so far.

Crown services is available to individuals who maintain a minimum balance of Rs 2 lakh in their savings account, who is eligible for a host of exclusive benefits like Visa Platinum Debit Card and free personal accidental insurance of Rs 25 lakh, 25% discount on other facilities such as locker rental, higher daily ATM withdrawal limit and more, he said.

On expansion, Mukherjee said the bank has 460 branches and will add another 60 branches during this financial year.

Bank's gross NPA stood at 2%, which will come down during this year, Mukherjee said.