Lakshmi Vilas Bank completes 88 years

For Lakshmi Vilas Bank, November 3, 2014, seemed to make all the difference. The day marked the completion of 88 years of its existence and for the first time in many years the bank commemorated the day.

When this correspondent asked Chief Executive of LVB, Rakesh Sharma, the reason for celebrating the 88th anniversary of the bank, he simply said, “The new management thought it fit to launch a series of initiatives and make the bank more relevant and up-to-date in the fast changing banking environment.”

After contemplating to shift its corporate office to Chennai for many years, LVB finally made the move in June this year. Bank sources maintain that the decision to shift its corporate headquarters to Chennai was more for logistics convenience.

It has in recent months inducted experienced professionals in key management positions, embarked on a transformation process by taking E&Y as a consultant and launched an initiative “Let’s be a happy bank” to enhance the happiness level of its employees.

When asked about this initiative, Sharma said, “It is aimed at improving working conditions for the staff, improving HR policies, strengthening the communication level and so on.”

The new management has initiated an internal communication exercise using tools like happiness index, town hall meeting, feedback, reviews etc, aimed at heightened internal bonding and better service, he said.

“The purpose of this exercise is to boost the morale of the staff and ensure a happy working environment. The process has already been set in motion and it seems to be paying off, though it’s still early to say much,” the LVB Chief maintained.

COMMENT NOW