In a bid to shed its ‘old-generation’ image, Lakshmi Vilas Bank (LVB) has strengthened its top management and signed on a consultant to evolve as a new-age bank, according to Rakesh Sharma, Managing Director and CEO of the bank.

The 88-year-old bank has inducted professionals from various public and private sector banks at the top management level, including Sharma, who had been with SBI earlier. It has signed on consultancy firm EY (formerly Ernst & Young) to help it become a new-age bank.

With focus on fine-tuning its offerings to attract the youth, the bank is strengthening its technology-enabled products such as Internet and mobile banking, he said.

It will launch co-branded credit cards in association with another bank. “The talks are in advanced stages, and we will soon announce the name of the institution we are partnering with,” said Sharma. On the financials side, LVB hopes to shore up its CASA (current account/savings account) portfolio by offering better interest rates and services. It recently raised saving account interest to 5 per cent from 4 per cent previously for accounts maintaining a balance of ₹1 lakh and above. It recently mopped up ₹406 crore through a rights issue to fund business expansion, Sharma added.

During the first quarter ended June 30, 2014, the bank reported a net profit of ₹28 crore. Gross NPA (non-performing assets) at the end of the quarter stood at 3.94 per cent and net NPA at 3.19 per cent.