In the year 1926, Lakshmi Vilas Bank was the foundation of seven businessmen of Karur under the leadership of Shri. V.S.N.Ramalinga Chettiar. The main motto for the establishment of this bank is to cater the financial needs of the Karur people who are indulged in trading, industry and agricultural business. The bank obtained the certificate under the Indian Companies Act, 1913 and established on 3rd November 1926. On 19 June 1958 the bank got the banking license from RBI and on 11 August 1958, the bank became the scheduled commercial bank. In 1961 to 1965, the bank took over the nine other banks and in 1974, the bank started expanding its branches beyond Tamilnadu state and established their branches in metro cities and other neighboring states. During this period, the bank attained the status of an authorized dealer in foreign exchange in 1976 and engaged in offering full ranged services to international trade and overseas traveler.
A Core banking solution was commenced on October 2006, and entire bank’s branches were shifted to core banking solution by March 2008. During July 2014, the corporate office was moved to Chennai. On 31st March 2018, the banks have 562 branches + seven extension counters with PAN India presence, supervised by 11 Regional offices, 1026 ATMs and POS machines deployed at various merchant establishments. The bank has its presence in 17 states and 2 Union territories across the country. The bank spread its presence in the Retail, Mid-Market and Corporate space. The bank offers a various financial products to their customers in association with Mutual funds, life, and general insurance, stock broking houses, remittance/money transfer companies, etc. The bank implemented an advanced level of technology in their business operations.
The bank services include- Deposits, Loans- Lakshmi Home Loan, Lakshmi Easy Loan, Lakshmi Business Credit, Lakshmi Rental Loan, Lakshmi Gold Power, Lakshmi Public Offer, Vidhya Lakshmi Loan, Lakshmi Mortgage Loan, Lakshmi Vehicle Loan, and Lakshmi Kisan Card, MSME Banking, Online Services, NRI Services, Cards, and Wealth Management Services.