LVB Full Form

by Yogi P - August 23, 2023

What is the full form of LVB?

Full form of LVB is the Lakshmi Vilas Bank Limited.

What does LVB stand for?

LVB is short for Lakshmi Vilas Bank Limited. In 1926, LVB was founded in Karur by seven business visionaries led by V.S.N. Ramalinga Chettiar. Their mission was to support the financial needs of local traders, farmers, and industries.

LVB’s Journey Through Time:

1. 1926: LVB began its journey on 3 November under the Indian Companies Act of 1913, and by 10 November, it was operational.
2. 1958: A big milestone came when the Reserve Bank of India (RBI) granted LVB a banking license on 19 June. This was after the Banking Regulations Act of 1949 came into effect, making RBI the chief regulator. By 11 August, LVB had earned the status of a full-fledged commercial bank.
3. 1961-1965: LVB expanded its presence by absorbing 9 different banks, broadening its branch network considerably.
4. 1974: LVB started venturing beyond Tamil Nadu to capitalize on national opportunities. They set up branches in neighboring states like Karnataka, Andhra Pradesh, and Kerala. They also marked their presence in major cities like New Delhi, Mumbai, and Kolkata, as well as in Gujarat, Maharashtra, and Madhya Pradesh.
5. 1976: LVB gained the title of Registered Traders in foreign exchange, enhancing its ability to serve customers engaged in international trade.
6. 2019: In a significant move on 5 April, LVB decided to merge with Indiabulls Housing Finance Ltd, known globally as the second-largest home financing company.