Lakshmi Vilas Bank opens its fourth branch

Friday, March 11, 2016
Visakhapatnam The Lakshmi Vilas Bank opened its fourth branch at M.V.P.Colony and 48th in the State as part of its ongoing nationwide expansion on Friday.

The Chief operating officer of the bank A.J.Vidya Sagar said that the hand had 455 branches including this one and this is the 200th branch outside Tamil Nadu. He said that the bank plans to open 50-60 branches in the current financial year. He said that the bank has 55 new branches in 2015-16 and five more will be added during this month end.

The bank recorded a volume of business of Rs.42,000 crore of which Rs.18,000 crore was advances. The net NPA amounted to 0.8 per cent of advances and the bank was growing at 42 per cent, Vidya Sagar said. The bank was offering 5 per cent on deposit in Savings Bank accounts up to Rs.5 lakh, one per cent more than the other banks and 6 per cent if the deposit crossed Rs.5 lakh.

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