Religare Finvest Ltd, which has a pending case against Lakshmi Vilas Bank for misappropriating fixed deposits worth ₹750 crore, on Thursday sought directions from Delhi High Court to substitute the defendant Lakshmi Vilas Bank Limited with DBS Bank India Ltd in the ongoing suit, on the ground of the mergers of the two banks. Asserting on the recent developments where …
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 …
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 …
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 …
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 …
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