What is the full form of LVB?
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What is the full form of LVB?
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The full form of LVB is Lakshmi Vilas Bank Limited. LVB is an Indian private sector bank founded 3 November 1926 and headquartered in Chennai. LVB bank has 566 branches in 19 states and 1 in union territory and 3,565 employees as of 2016. The bank was merged into DBS bank on 27 November 2020.
Key Pepole
Subramanian Sundar- MD & CEO
Services offered by LVB
Consumer banking
Corporate banking
Finance and insurance
Investment banking
Car loan
Private banking
Wealth management
A brief history of LVB
1. Under the Indian Companies Act, 1913, the bank was set up on 3 November 1926 and got the permission to start operation on 10 November 1926.
2. The bank got its financial permit from RBI on 19 June 1958 after the sanctioning of the Banking Regulations Act, 1949 and RBI as the banking sector regulator.
3. LVB established a scheduled commercial bank on 11 August 1958, the bank started working as a corporate bank.
4. From 1961 to 1965, when the bank took more than 9 different banks, LVB saw a tremendous development of its organization of branches.
5. In 1974, The bank started expending network outside the Tamilnadu to get benefit from opportunities from pan India.
6. LVB branches were started in the neighbouring states of Karnataka, AP (Andhra Pradesh) and Kerala, major business hub like New Delhi, Mumbai and Kolkata, and other significant business places in Gujarat, Maharashtra and MP (Madhya Pradesh) were subsequently settled.
7. Meanwhile, in 1976, the bank acquired the status of Registered Traders in foreign exchange, permitting it to offer a total range of services to globally exchanged customers.
8. On 5 April 2019, the LVB Board endorsed the banks merged with Indiabulls Housing Finance Ltd, which is the world's second-biggest home loan money firm.
