What is the full form of LVB?
The full form of LVB is 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.
A brief 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 vast growth of its network of branches.
- In 1974, to profit from developments in the pan-Indian sector, the bank started expanding the branch network outside Tamil Nadu.
- Divisions in 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 foreign exchange, allowing it to offer a complete spectrum of services to internationally traded clients.
- On 5 April 2019, the LVB Board approved the bank’s merge with Indiabulls Housing Finance Ltd, which is the world’s second-largest mortgage finance firm.