The Laxmi Vilas Bank appointed Mr. Rakesh Sharma as new managing director and chief executive officer. He joined the bank on 7th of March. Prior to this he has been working with SBI for past 33 years. After joining Mr. Rakesh announced that Laxmi Vilas Bank will focusing on retail sector and recovery of bad loans.
It has been reported that Mr. rakesh holds a good experience in retail and wholesale banking, asset-liability management, loan syndication, trade finance and personnel development. He stated that the NPA of the bank was a bit higher i.e. 5.6% and they will try to reduce them to 3 – 3.5%. However the bank has been good at performance overall and has shown a fairly dispersed exposure across all the sectors. He is looking forward for adopting more measures and initiatives such as increasing fee-based income from alternate channels and certain HR initiatives.