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 …
The story so far: On November 17, the Centre, acting on the recommendation of the Reserve Bank of India, imposed a moratorium on Lakshmi Vilas Bank for a period of 30 days. The RBI, the regulatory body overseeing the country’s financial system, has the power to ask the government to have a moratorium placed on a bank’s operations for a …
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 …
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, …
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