Lakshmi Vilas Bank harps on tech driven growth

Bangalore, Aug 20: Realising the advantages of technology driven growth, private sector Lakshmi Vilas Bank (LVB) is going ahead with full steam by introducing Core Banking Solutions (CBS) in 100 of its branches within a span of six months.

Inaugurating the 100th CBS branch in the city, LVB General Manager R Sridharan said the bank had entered the era of centralised network banking with introduction of CBS in 100 out of its 236 branches covering 75 per cent of Bank's business. The Bank also proposed to introduce internet based banking and mobile banking in the coming months, he said.

"We will be brining 100 more branches under CBS before the end of the current fiscal, covering 90 per cent of our business. This will be important in achieving the targetted business volume of Rs 11,200 crore in the current financial year, from Rs 8750 crore last year," he told sources.

He said LVB had been successful in bringing down the net NPA to 1.58 per cent by March 2006 and it was expected to come down to under one per cent this fiscal. However, the gross NPA of the bank remained high at 12 per cent.

The Karur-based bank which had a rich tradition of eight decades in banking built on strong values had a national presence having branches in 11 states and a union territory and it would open 15 more branches during the year.

UNI