Money & Banking

LVB not for aggressive growth

Our Bureau Chennai | Updated on November 17, 2017

Lakshmi Vilas Bank does not feel it is a good time for it to aim for “aggressive growth”, the bank's Managing Director and CEO, Mr P.R. Somasundaram, said today.

Addressing a press conference here, Mr Somasundaram admitted that the liquidity position was tight, but said that the bank had sufficient resources to fund its planned credit growth. He did not want to disclose any numbers, given that the bank's announcement of the third quarter results was just a week away.

Mr Somasundaram, an ex-Standard Chartered Bank official who joined LVB about six months ago, said that after coming to LVB he realised that there was nothing that the big banks offered in terms of products and services that small private sector banks could not.

The small banks were as much tech-savvy as the large ones.

In fact, the press conference was held to announce the launch of LVB's Interbank Mobile Payment Service—a real time, mobile-phone-based fund transfer facility. Funds could be transferred among the banks (at present, ten) that were members of the National Payment Corporation of India.

Today, the bank also announced that it had raised interest rates on term deposits across a range of tenors. It has also introduced a 220-day deposit scheme, on which it pays 9.25 per cent.

Published on February 04, 2011

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