The city of Machilipatnam in the Krishna district of Andhra Pradesh functions as a municipal corporation, as well as the administrative, headquarter of its district. The city is also known as Masulipatnam and Bandar. It is an ancient port town which served as the settlement of the European traders in the 16th century. The British, Dutch and French used it as a major trading port in the 17th century. Machilipatnam experiences a tropical savanna climate with hot and humid summers and moderate winters. The city gets torrential rainfall during July, August and September. Owing to its vicinity to the Bay of Bengal, Machilipatnam is frequently hit by cyclones originating in the sea. The Machilipatnam Municipal Corporation is the civic body responsible for the governance of the city. This seaside city is known for its handloom industry, specializing in Kalamkari textiles that are exported to the United States and other Asian countries. Building boats and fishing are the other notable industries. Machilipatnam used to be a trading base for the Europeans and was known for the minting of copper coins, exporting diamonds and textiles. The AP state government is trying to revive the glory of the former port city. The Machilipatnam Area Development Authority is planning to set up a deep seaport and its associated industrial corridor at Machilipatnam which is expected to employ over 25,000 people.
On November 3, 1926, the Laxmi Vilas Bank was founded under the Indian Companies Act, 1913, and on November 10, 1926, it had achieved the certificate to commence business. In 1926, seven businessmen of Karur founded Lakshmi Vilas Bank under the leadership of Shri V.S.N. Ramalinga Chettiar. They aimed to serve the financial needs of people who were occupied in trading businesses, industry and agriculture, in and around Karur. The Laxmi Vilas Bank is a private sector bank. It is based in Chennai, Tamil Nadu, India and did considerable expansion of its branch network from 1961 to 1965, when the bank took over nine other banks. In 1976, the bank obtained the status of Authorized Dealer in foreign exchange for providing services to the customers involved in international trade as well as to travelers who travel overseas. In 1977, the mechanization was introduced in the administrative office. The bank implemented core Banking Solution (CBS) in October 2006, and all of the banks branches were migrated to CBS by March 2008. Lakshmi Vilas Bank has 523 offices,984 ATM centers, and seven extension counters, as of 2018. Mr. Partha Sarthi Mukherjee is the MD and CEO of Lakshmi Vilas Bank. The bank was established on November 3, 1926, under the Indian Companies Act, 1913, and on November 10, 1926, it obtained the certificate to commence business.