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Tuesday, September 17, 2013

Lakshmi Vilas Bank creating new verticals to double turnover

Lakshmi Vilas Bank is creating new business verticals by re-allocating resources and rationalising workforce with an aim to double its turnover.

The bank has created business, operations and compliance verticals in its management hierarchy with a thrust on credit and product marketing.

“To achieve this, the bank is realigning workforce to drive productivity. According to the plan, we will be deploying about 30 per cent of work force in client interfacing,” J. Moses Harding, Executive Director, Lakshmi Vilas Bank, told Business Line.

The bank plans to tap the existing manpower by creating sales team, educating it with ‘right people at right place’.

Starting September 1, the bank has already realigned eight regional offices. Now each regional office will have four-five clusters, with each cluster handling 10-12 branches.

“By adopting this model, we are to focus exclusively on credit and product marketing which is expected to grow and give us good topline (advances) and CASA growth,” said Harding.

“As part of this exercise, we are planning to reach out to the clients, deepen relations with existing customers and aggressively go for mass acquisition of new clients,” he added.

Harding said “the bank is also working out a three-year business continuity plan with an objective to grow the business over Rs one lakh crore from the current Rs 30,000 crore.”

Source: thehindubusinessline


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