Lakshmi Vilas Bank implements Financial Inclusion

The Bank extends Banking Services through Business Correspondents

Lakshmi Vilas Bank has announced to implement ‘Financial Inclusion’ in Tamil Nadu through an extension of its banking services by appointing ‘Business Correspondents’ across the state.

The bank has planned to implement its services with an objective of ensuring greater reach to the underprivileged sections of the society through availing the business correspondent services of intermediaries like NGOs/Self Help Groups, MFIs and other Civil Society Organization (CSOs). State Level Bankers’ Committee (SLBC) of Tamil Nadu has allotted 53 villages to Lakshmi Vilas Bank for promoting financial inclusion. These 53 villages are spread over 18 districts and are mapped to 42 branches of Lakshmi Vilas Bank in Tamil Nadu state.

Speaking on the launch of the financial inclusion drive, Mr. P.R. Somasundaram, MD & CEO, Lakshmi Vilas Bank said, “Bank is extensively involved in Social Sector lending throughout the Country. Over 2 lakh customers directly benefit from our social sector lending programme.  They are serviced through 51 branches in rural locations and 105 branches in semi-urban locations. Bank will be making available a wide range of financial services to every individual particularly weaker sections and low income groups.”

For implementation of Financial Inclusion solution, Bank has tied up with M/s. Atom Technologies Limited, to act as Business Correspondent and technology services provider, who will appointing the CSP (Customer Service Point) for our Bank.  Mr. Dewang Neralla, Director – ATOM technologies said that it is a great privilege and honour to be the technology partner to Lakshmi Vilas Bank as part of this initiative.

About Lakshmi Vilas Bank:
Lakshmi Vilas Bank has a national presence with over 1.70 million accounts through its 274 branches, spread across 15 states and 1 union territory.  The Bank has a network of over 205 ATMs. The Bank's focus is on safe banking and consistent quality support to businesses. As a full service bank, Lakshmi Vilas Bank has a wide product portfolio such as business credit, SME credit facilities, NRI Services, home loans, rental loans, education loans and online banking. The Bank also offers life insurance and general insurance products.

Bank has a robust technology platform and had recently launched IMPS (Interbank Mobile Payment Service) in association with National Payments Corporation of India. We are one of the top 10 Banks in the country and the first private sector Bank in South India to launch IMPS (Interbank Mobile Payment Service).