Laksmi Vilas Bank To Branch Out In New Directions

Speaking after the inaugaration of the 193rd branch in Calcutta, the bank's chairman, G V Rao said the plans were afoot to set up these in Delhi, Bombay, New Bombay, Baroda, Rajkot, Tirupati and Vishakapatnam. He hoped that the bank would have 200 branches by March, 1997.

With the opening of the Calcutta branch, Lakshmi Vilas Bank has commenced operations in eastern India. The bank's percentage of non-performing assets to total advances, at 2.42, is one of the lowest in the country. Its total deposits stand at over Rs 1,000 crore, while it's networth is Rs 62.47 crore.

The capital adequacy ratio of the bank is pegged at 9.80 per cent, while the credit-deposit ratio is in the region of 50 per cent. Its prime lending rate is 17.5 per cent.

 

Lakshmi Vilas Bank, founded in 1926, was made a scheduled commercial bank in 1958. In 1976, the bank entered into foreign exchange dealings as an authorised dealer. Five years later, in 1989, the bank obtained the Sebi registration as a Category I merchant banker. It entered the lease-finance segment in 1984.

In 1995, Lakshmi Vilas Bank introduced credit cards for the business community under a tie-up with Canara Bank. It also introduced "Green cards" for farmers.