The full form of LVB is Lakshmi Vilas Bank Limited. A group of seven businesspeople from Karur founded LVB in 1926 with the help of Shri V.S.N. Ramalinga Chettiar. Their objective was to satisfy all the requirements of trading companies, agriculture, and industry in and around Karur.
LVB’s History in a nutshell
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- The bank was incorporated on November 3, 1926, by the Indian Companies Act of 1913, and on November 10, 1926, it was granted authorisation to begin operations.
- Following the passage of the Banking Regulations Act of 1949 and the appointment of RBI as the industry’s watchdog, the bank was granted a banking licence by RBI on June 19, 1958.
- It created a scheduled commercial bank on August 11th, 1958, giving it the authority to operate as a full-fledged corporate bank.
- From 1961 to 1965, when the bank took over 9 other banks, LVB saw vast growth in its network of branches.
- The bank began extending its branch network outside of Tamil Nadu in 1974 to capitalise on advancements in the pan-Indian industry.
- Divisions were subsequently developed in the neighbouring states of Gujarat, Maharashtra, and MP (Madhya Pradesh), as well as in significant business locations in Karnataka, AP (Andhra Pradesh), and Kerala, as well as in key financial centres like New Delhi, Mumbai, and Kolkata.
- Meanwhile, the bank was given the status of Registered in 1976 traders of foreign currencies, enabling it to provide a full range of services to clients who deal worldwide.
- The merger of the bank with Indiabulls Housing Finance Ltd, the second-largest mortgage lender in the world, was approved by the LVB Board on April 5, 2019.