Peeush Jain, SVP, head – Retail Banking, Lakshmi Vilas Bank, speaks about the bank’s plans to expand operations and realize targets:
N. Mohan: Lakshmi Vilas Bank is one of the old generation private banks that has been able to offer an appreciable level of service to the customers in spite of several constraints, competition being a major one. How do you handle this competitive environment? Is the strategy focused on better customer engagement or on devising products and services that target niche customer needs? Some examples?
Peeush Jain: At Lakshmi Vilas Bank, we adopt a multi-pronged strategy to keep pace with competition. The traditional relationship model is extremely valuable for the bank and has yielded good results over time. Nevertheless, to keep up with the times, we have been constantly devising new offerings and upgrading existing products and services too. In recent years, we have brought out our own ‘CROWN’ products for HNI and NRI clientele. Our mobile app as well as our payments app, Upaay have gained popularity. Moreover, are offering very competitive interest rates on both deposits and advances.
Can you outline details of some of the unique products and services that you have on offer?
We have a suite of products to cater to various customer segments. Some of our most popular products are our ‘CROWN’ products for HNI and NRI customers, wherein we offer multiple benefits to account holders, Current Flexi account with a lot of flexible features, VYAPAAR current account, which is a zero balance account for small traders, Lakshmi Business Credit, a simplified structured product for businessmen, Lakshmi Loan against property, a mortgage based product for retail and MSME customers and Lakshmi Commodity Power, which is a loan against pledge of agricultural commodities.
Where do you think you have been able to make a difference?
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