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LAXMI VILAS BANK

Jan 20, 2020 351

HISTORY:

Lakshmi Vilas Bank was started in the year 1926 by a group of seven entrepreneurs from Karur under the leadership of Shri V.S.N. Ramalinga Chettiar. Its main purpose was to manage  the financial needs of people in and around Karur who were engaged in commercial business, industry and agriculture. The bank was incorporated on November 3, 1926 under the Indian Companies Act of 1913 and obtained the certificate to begin business on November 10, 1926. Following the introduction of the Bank Regulations Act of 1949 and the Bank Of the Reserve of India as regulator for the Bank obtained its bank license of RBI on June 19, 1958, and on August 11, 1958 became a "programmed commercial bank" meaning the ability to operate as a commercial bank Of full right.

Lakshmi Vilas Bank experienced a considerable expansion of its branch network during the period 1961-65, when the bank took over nine other banks. Beginning in 1974, the bank began expanding the network of branches beyond Tamil Nadu to take advantage of opportunities in the Pan-Indian market.Branches were established in Andhra Pradesh, Karnataka and Kerala, important financial centers such as Mumbai, New Delhi and Kolkata, as well as other major business centers in Maharashtra, Gujarat and Madhya Pradesh. Meanwhile, the bank achieved the status of Authorized Distributor in foreign currency in 1976, which allowed it to provide a full range of services to international trade customers and foreign travelers.

CHAIRMANParthasarathi Mukherjee