What is the full form of LVB?
The LVB full form is the Lakshmi Vilas Bank Limited. Under the direction of Shri V.S.N. Ramalinga Chettiar, seven Karur businessmen created LVB in 1926. Their objective was to address the needs of everyone employed in Karur’s commerce, agriculture, and industry.
Read Other Full Forms
A basic overview of LVB
- The bank was incorporated under the Indian Companies Act, of 1913, on 3 November 1926, and gained authorization to begin operations on 10 November 1926.
- The bank obtained its banking license from the RBI on June 19, 1958, following the passage of the Banking Regulations Act of 1949 and the establishment of the RBI as the banking sector regulator.
- It created a scheduled commercial bank on 11 August 1958, granting it the authority to operate as a full-fledged corporate bank.
- During the years 1961 to 1965, when LVB acquired nine other banks, its branch network expanded significantly.
- To capitalize on advances in the pan-Indian industry, the bank began expanding its branch network beyond Tamil Nadu in 1974.
- Thus, divisions were built in the neighboring states of Karnataka, AP (Andhra Pradesh), and Kerala, as well as in key financial cities such as New Delhi, Mumbai, and Kolkata, and in other major business hubs in Gujarat, Maharashtra, and MP (Madhya Pradesh).
- In the interim, in 1976, the bank received the status of Registered Traders in foreign exchange, allowing it to provide a full range of services to clients who engaged in international trade.
- The LVB Board authorized the merger with Indiabulls Housing Loan Ltd, the second-largest mortgage finance company in the world, on 5 April 2019.
