LVB Full Form | Full Form of LVB
LVB Full Form - Lakshmi Vilas Bank
Lakshmi Vilas Bank
- The full form of LVB is that the Lakshmi Vilas Bank Limited. LVB was established under the guidance of Shri V.S.N. Ramalinga Chettiar in 1926 by a group of seven Karur entrepreneurs.
- Their goal was to meet all the needs of individuals employed in trading firms, agriculture and industry in & around Karur.
History of LVB
- Under the Indian Companies Act, 1913, the bank was established on 3 November 1926 and received the certification to undertake an operation on 10 November 1926.
- The bank received its banking license from RBI on 19 June 1958 following the enactment of the Banking Regulations Act, 1949 and RBI as the banking sector regulator.
- On 11 August 1958, it established a scheduled commercial bank signifying the right to function as a full-fledged corporate bank.
- During the time from 1961 to 1965, when the bank took over 9 other banks, LVB saw a huge growth of its network of branches.
- In 1974, to take advantage of developments within the pan-Indian sector, the bank started expanding the branch network outside Tamil Nadu.
- Divisions within the neighbouring states of Karnataka, AP (Andhra Pradesh) & Kerala, major financial centers like New Delhi, Mumbai & Kolkata, and other major business centers in Gujarat, Maharashtra & MP (Madhya Pradesh) were thus established.
- In the meantime, in 1976, the bank obtained the status of Registered Traders in exchange, allowing it to supply an entire spectrum of services to internationally traded clients.
- On 5 April 2019, the LVB Board approved the bank’s merge with India bulls Housing Finance Ltd, which is that the world’s second-largest mortgage finance firm.