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LVB launches internet banking

CHENNAI: Lakshmi Vilas Bank will focus on funding corporates looking at acquisition of companies abroad.

Addressing presspersons here on Saturday, V. S. Reddy, Managing Director of the bank, said companies in mining and trading sectors had approached the bank. Mr. Reddy was here to launch the internet banking ‘LVB inet’ facility of the bank for its retail customers. He said soon the bank would extend this facility to corporate customers with more features.

The bank had already implemented core banking solutions in all its branches. It was waiting for the guidelines from the Reserve Bank of India to launch its mobile banking facility. Though the bank had a capital adequacy ratio of 12.73 per cent, Mr. Reddy said it had drawn up several growth plans for which it required substantial additions to capital.

To raise the required resources estimated at Rs. 250 crore, the bank was planning to come out with a QIP (qualified institutional placement) or rights issue or a follow-on public issue, he said.

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