Lakshmi Vilas Bank to raise Rs 140cr

Karur-based Lakshmi Vilas Bank (LVB) is planning to raise Rs 140 crore to strengthen its tier-II capital by March, said VS Reddy, managing director, Lakshmi Vilas Bank.

The bank also plans to open 23 branches over the next 10 months, Reddy told reporters here today after launching six new products and internet banking. It at present has 251 branches.

The new products, including three savings products and two current accounts, would help the bank's increase its share of current and saving accounts in the total business to 23 per cent from 17 per cent.

Total income during the third quarter increased by 48 per cent to Rs 211.80 crore from Rs 143.06 crore, a year ago.

 

Reddy said the bank had already spend Rs 15 crore on technology upgradation and would spend another Rs 6 crore towards this.