Lakshmi Vilas Bank to double customer base in two years

Lakshmi Vilas Bank (LVB) is planning to double its customer base in two years by opening new branches in unrepresented areas and states.

Talking to the media here, R M Nayak, chairman and CEO of LVB, said the bank had already commissioned five new branches during the current fiscal.

It was awaiting clearances from the Reserve Bank of India for setting up another 25 braches, which would be opened before end of this fiscal, he said.

The 25 new branches would come up in Tamil Nadu, Rajasthan, Madhya Pradesh, Punjab and Haryana. The management had decided to strengthen its marketing team by appointing guardian executives to monitor cliental growth in each of the eight divisions of the bank.

Besides, the bank would appoint two business development officers each at every branch in order to enhance its customer base, Nayak said.

The bank was also in the process of seeking the help of field officers of the agriculture department and agriculture universities with a view to identitying the actual requirement of banking services among farmers and in rural areas.

It also plans to launch new services in the agriculture sector with special focus on rural marketing.