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 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 …
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 …
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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