Lakshmi Vilas Bank to foray into mortgage biz
By Vaibhav Aggarwal
Feb 7, 2011
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Private sector lender, Lakshmi Vilas Bank (LVB) is interested in foraying into mortgage business, informed a top official of the bank.

"We are very keen to enter the mortgage business. At the moment we are looking in changing our corporate look. Definitely, we will look into mortgage business sometime later this year...," Lakshmi Vilas Bank Chief Executive Officer and Managing Director P R Somasundaram said.

"We were successful in the last six months... But, I do not want to take any undue risk...," he said.

Speaking on the plans of the bank to follow QIP route in raising capital, he said, "We have taken up a 40% dilution in August last year. But we have to look at the markets... We are also talking to investors... We will take a decision in the next couple of months.."

The bank has enabled the Interbank Mobile Payment Service for fund transfer. The service would enable customers to transact using their mobile phones. The bank is the first in South India to have implemented IMPS.

It has also tied up with National Payments Corporation of India (NPCI) for giving out this service.

LVB currently has 1.6 million accounts and has 2,675 employees in India.


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