LVB-DBS Bank Merger: Key Highlights Of Crisis-Hit Lakshmi Vilas Bank's Merger With DBS India
4 years ago

LVB-DBS Bank Merger: Key Highlights Of Crisis-Hit Lakshmi Vilas Bank's Merger With DBS India

ABP News  

The Union Cabinet on Wednesday approved the merger of capital-starved Lakshmi Vilas Bank with the Indian arm of Singapore-based DBS Bank India. LVB and DBS Bank India merger will come into effect from November 27, 2020. The Union Cabinet approved the merger of 94-year-old capital-starved Lakshmi Vilas Bank with DBS Bank India. This comes after the Reserve Bank of India on November 17, proposed the merger of the Indian bank with Singapore’s DBS bank venture in India.The RBI, earlier in consultation with the Central government, superseded the board of directors of LVB for a period of 30 days owing to a severe deterioration in the financial position of the bank.

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History of this topic

DBS Bank India aims to expand gold and MSME loan business; details here
2 years, 1 month ago

DBS Bank India aims to expand gold and MSME loan business; details here

Firstpost  

DBS Bank India has presently a strong presence in the Indian market, and benefits from the network’s expansion across sectors like gold loans, have begun to emerge DBS Bank India Ltd. is focusing on expanding its gold and MSME loan businesses. After merging the former Lakshmi Vilas Bank into its fold, DBS Bank India, which is a wholly-owned subsidiary of …

Plea in HC against Lakshmi Vilas Bank-DBS merger
3 years, 11 months ago

Plea in HC against Lakshmi Vilas Bank-DBS merger

Hindustan Times  

A plea in the Delhi High Court has challenged the scheme of amalgamation of Lakshmi Vilas Bank with Development Bank of Singapore, contending that its shareholders have been "left in the lurch" and the Centre and the Reserve Bank have failed to protect their interests. The petition was listed before a bench of Chief Justice D N Patel and Justice …

LVS-DBS Merger: Supreme Court Issues Notice On RBI's Plea Seeking Transfer & Stay On Petitions Across High Courts
4 years ago

LVS-DBS Merger: Supreme Court Issues Notice On RBI's Plea Seeking Transfer & Stay On Petitions Across High Courts

Live Law  

The Supreme Court on Friday issued notice on the RBI's plea, seeking transfer of five writ petitions pending before the High Courts of Madras, Delhi, Karnataka and Bombay challenging the Lakshmi Vilas Bank Limited Scheme, 2020.A bench of Justice Mohan M. Shantangoudar also issued notice on the stay applications, directing it to be returnable within. The Supreme Court on Friday …

Lakshmi Vilas Bank becomes DBS India; 94-year old bank part of history now
4 years ago

Lakshmi Vilas Bank becomes DBS India; 94-year old bank part of history now

India TV News  

Tamil Nadu-based Lakshmi Vilas Bank with pre-independence lineage on Friday lost its identity after its merger with the Indian subsidiary of Singapore's DBS Bank. The debt-ridden 94-year old old bank's fate was sealed with Union Cabinet headed by Prime Minister Narendra Modi approving Scheme of Amalagamation on Wednesday. The Reserve Bank of India had announced November 27 as the effective …

Lakshmi Vilas Bank branches to operate as DBS Bank from today
4 years ago

Lakshmi Vilas Bank branches to operate as DBS Bank from today

Live Mint  

All the branches of Lakshmi Vilas Bank will start functioning as branches of Indian arm of Singapore-based DBS Bank from today, leading to removal of all restrictions, including withdrawal cap of ₹25,000, which the RBI had placed on the lender earlier this month. "Customers, including depositors of the Lakshmi Vilas Bank Ltd. will be able to operate their accounts as …

Lakshmi Vilas Bank to Become DBS Bank India from Friday, Rs 25,000 Withdrawal Restriction to Go
4 years ago

Lakshmi Vilas Bank to Become DBS Bank India from Friday, Rs 25,000 Withdrawal Restriction to Go

News 18  

The Reserve Bank on Wednesday said the amalgamation of Lakshmi Vilas Bank with DBS Bank India will come into force from November 27 and the moratorium imposed on the crisis-ridden lender will be removed on that day. The RBI issued the statement within hours of the Cabinet clearing the Scheme of Amalgamation of Lakshmi Vilas Bank Limited with DBS Bank …

Govt Approves Merger of Lakshmi Vilas Bank with DBS Bank India, Lifts Curbs on Withdrawal of Deposits
4 years ago

Govt Approves Merger of Lakshmi Vilas Bank with DBS Bank India, Lifts Curbs on Withdrawal of Deposits

News 18  

The government on Wednesday approved merger of crisis-ridden Lakshmi Vilas Bank with DBS Bank India Ltd and removed restrictions on withdrawal of deposits by depositors. The Union Cabinet has approved the merger of the LVB with DBS Bank India Limited, Union Minister Prakash Javadekar told reporters, adding the decision will provide comfort to 20 lakh depositors and protect the services …

RBI’s impossible duality: Policy clarity versus whimsy
4 years, 1 month ago

RBI’s impossible duality: Policy clarity versus whimsy

Live Mint  

The Reserve Bank of India, as the Indian financial sector’s custodian, initiated a two-pronged action on 17 November: a moratorium on privately-owned Lakshmi Vilas Bank and, simultaneously, its amalgamation with DBS Bank India Ltd, a wholly-owned subsidiary in India of the Singapore government’s DBS Bank. Three days later, an internal working group of the central bank released a report on …

Proposed Merger of Lakshmi Vilas Bank With DBS Bank a Remarkable Job, Says RBI Board Member
4 years, 1 month ago

Proposed Merger of Lakshmi Vilas Bank With DBS Bank a Remarkable Job, Says RBI Board Member

News 18  

RBI board member Manish Sabharwal on Thursday praised the central bank on its proposal to merge Lakshmi Vilas Bank with the Indian arm of Singapore-based DBS Bank, saying the scheme is a new template where a distressed private sector entity is rescued by another private player. On Tuesday, the government imposed a 30-day moratorium on Lakshmi Vilas Bank, restricting cash …

'Depositors Money Is Safe,' Assures RBI-Appointed Administrator Of Lakshmi Vilas Bank
4 years, 1 month ago

'Depositors Money Is Safe,' Assures RBI-Appointed Administrator Of Lakshmi Vilas Bank

ABP News  

Know How It Gets Implemented And Other Details The Reserve Bank of India -appointed administrator of Lakshmi Vilas Bank, T N Manoharan on Wednesday assured that depositors' money is safe and expressed confidence in completing the lender's merger with DBS Bank India within December 16 deadline set by the banking regulator. Confident that we will be able to implement a …

Merger With Lakshmi Vilas Bank to Strengthen DBS Bank's India Business, Says Moody's
4 years, 1 month ago

Merger With Lakshmi Vilas Bank to Strengthen DBS Bank's India Business, Says Moody's

News 18  

Moody’s Investors Service on Wednesday said Singapore’s DBS Bank will strengthen its India business following merger with troubled Lakshmi Vilas Bank. Banking regulator RBI on Tuesday announced a draft scheme to amalgamate the troubled Lakshmi Vilas Bank into DBS Bank India, which is fully owned by DBS Bank Ltd. “The merger will strengthen DBS’ business position in India by adding …

AIBOC Opposes Merger of LVB with DBS Bank, Pitches for Merger With State-owned Bank
4 years, 1 month ago

AIBOC Opposes Merger of LVB with DBS Bank, Pitches for Merger With State-owned Bank

News 18  

A day after the RBI put in public domain a draft scheme of merger of Lakshmi Vilas Bank with subsidiary of Singapore-based DBS, public sector banks’ officer union AIBOC on Wednesday said the amalgamation is not in the national interest and demanded the consolidation with any PSB. The proposed amalgamation of the cash-strapped LVB with DBS Bank India seems to …

Depositors' Money in Lakshmi Vilas Bank Safe, Timely Merger with DBS Before Deadline: Administrator
4 years, 1 month ago

Depositors' Money in Lakshmi Vilas Bank Safe, Timely Merger with DBS Before Deadline: Administrator

News 18  

TN Manoharan, the RBI-appointed administrator of Lakshmi Vilas Bank, on Wednesday said depositors’ money is safe and expressed confidence of completing the lender’s merger with DBS Bank India within the deadline set by the regulator. On Tuesday, the Reserve Bank of India appointed former non-executive chairman of Canara Bank Manoharan as the administrator of Lakshmi Vilas Bank after superseding the …

After Lakshmi Vilas Bank, RBI imposes withdrawal limit on THIS bank
4 years, 1 month ago

After Lakshmi Vilas Bank, RBI imposes withdrawal limit on THIS bank

India TV News  

Reserve Bank of India on Tuesday imposed restrictions on withdrawals from Maharashtra-based Mantha Urban Cooperative Bank for six months. The RBI, in a release, said it has issued certain directions to Mantha Urban Cooperative Bank, Mantha District Jalna, Maharashtra, from the close of business on November 17, 2020. The bank will continue to undertake banking business with restrictions till its …

RBI Announces Draft Scheme to Merge Lakshmi Vilas Bank with DBS Bank- Here's All You Need to Know
4 years, 1 month ago

RBI Announces Draft Scheme to Merge Lakshmi Vilas Bank with DBS Bank- Here's All You Need to Know

News 18  

Immediately after placing loss-making private bank Lakshmi Vilas Bank under moratorium and superseding its Board of Directors, the Reserve Bank of India announced a draft scheme for its amalgamation with DBS Bank India Ltd. RBI has placed LVB under a moratorium for 30 days that would end on December 16, according to statements from the regulator. Lakshmi Vilas Bank saw …

Bank is safe and so are your deposits
4 years, 1 month ago

Bank is safe and so are your deposits

Live Mint  

Indian households looking for a safe space to put their money have been going from crisis to crisis in the past few years. Banks have failed, debt funds saw deep losses, and in March 2020, we saw six debt funds frozen. The latest story that is spooking bank depositors is the moratorium on their money in Lakshmi Vilas Bank, ahead …

LVB Shareholders Not to Get Anything As Per RBI's Draft Scheme for Merger, Key Managerial Personnel May Lose Job
4 years, 1 month ago

LVB Shareholders Not to Get Anything As Per RBI's Draft Scheme for Merger, Key Managerial Personnel May Lose Job

News 18  

The shareholders of the 94-year-old Lakshmi Vilas Bank may not be getting anything as per the Reserve Bank of India’s draft scheme for its amalgamation with DBS Bank India. The draft scheme also states the employees of the LVB will become the employees of the DBS Bank and the latter can discontinue the services of key managerial personnel of the …

Had Demanded Timely Action from RBI on Lakshmi Vilas Bank, Merger with a Public Sector Bank: AIBEA
4 years, 1 month ago

Had Demanded Timely Action from RBI on Lakshmi Vilas Bank, Merger with a Public Sector Bank: AIBEA

News 18  

The umbrella body of bank unions AIBEA on Tuesday said it was demanding a timely action from the RBI on Lakshmi Vilas Bank as the regulator was aware about its financial condition for the last three years and said its demand for a merger with a public sector bank has not been accepted. For the past three years and more, …

Lakshmi Vilas Bank Put Under Moratorium, Withdrawal Cap Of Rs 25,000 Imposed; Know All About It
4 years, 1 month ago

Lakshmi Vilas Bank Put Under Moratorium, Withdrawal Cap Of Rs 25,000 Imposed; Know All About It

ABP News  

Merger With DBS Bank In a sudden twist in the ongoing race for cash strapped Lakshmi Vilas Bank, the central government on Tuesday placed Tamil Nadu-based private sector lender under moratorium and capped withdrawal from the bank at Rs 25,000 for one month.However, to meet the cost of medical treatment, payment of higher education, and to cost marriage expenses, depositors …

Laxmi Vilas Bank Placed Under Moratorium, Centre Announces Draft Amalgamation Scheme With DBS Bank India Ltd.
4 years, 1 month ago

Laxmi Vilas Bank Placed Under Moratorium, Centre Announces Draft Amalgamation Scheme With DBS Bank India Ltd.

Live Law  

Laxmi Vilas Bank has been placed on moratorium for a month, beginning 17.11.2020 until 16.12.2020 stays the commencement or continuance of all actions and proceedings against that banking company during the period of moratorium, subject to the condition that such stay shall not in any manner prejudice the exercise by the Central Government of its powers under Section 35 of …

How does the LVB crisis impact you?
4 years, 1 month ago

How does the LVB crisis impact you?

Live Mint  

Indian households, looking for a safe space to put their money in, have been hurtling from crisis-to-crisis past few years. Banks have failed, debt funds saw uncharacteristically deep losses and in March 2020, we saw six debt funds frozen. The latest story that is spooking bank depositors is the moratorium on their money in Lakshmi Vilas Bank, ahead of its …

RBI Puts Lakshmi Vilas Bank under Moratorium, Caps Withdrawals at Rs 25,000; DBS Bank to Acquire Lender
4 years, 1 month ago

RBI Puts Lakshmi Vilas Bank under Moratorium, Caps Withdrawals at Rs 25,000; DBS Bank to Acquire Lender

News 18  

The government on Tuesday imposed a month-long moratorium on Lakshmi Vilas Bank, restricting cash withdrawals at Rs 25,000 per depositor, and simultaneously announcing a scheme to merge the cash-strapped lender with DBS India. The RBI placed in the public domain a draft scheme of amalgamation of LVB with DBS Bank India Ltd. The Department of Financial Services in a gazette …

Lakshmi Vilas Bank Gets Board's Approval to Raise Rs 500 Crore Via Rights Issue
4 years, 2 months ago

Lakshmi Vilas Bank Gets Board's Approval to Raise Rs 500 Crore Via Rights Issue

News 18  

Cash-strapped Lakshmi Vilas Bank on Thursday said its board has approved plans to raise up to Rs 500 crore through a rights issue. The board at its meeting held on October 15, 2020, has considered and approved the raising of funds by issuance and allotment of equity shares or such other eligible securities for an aggregate amount of up to …

Lakshmi Vilas Bank board approves raising up to ₹500 crore via rights issue
4 years, 2 months ago

Lakshmi Vilas Bank board approves raising up to ₹500 crore via rights issue

Live Mint  

The board of cash-strapped Lakshmi Vilas Bank today approved raising of up to ₹500 crore through issuance of shares on rights basis to existing shareholders. The board "considered and approved, inter-alia, subject to the necessary approvals, the raising of funds by issuance and allotment of equity shares or such other eligible securities of the Bank, for an aggregate amount of …

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