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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 …

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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 …

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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 …

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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 …

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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 …

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The Hindu Explains | What is a bank moratorium, and when does it come into play?
4 years, 1 month ago

The Hindu Explains | What is a bank moratorium, and when does it come into play?

The Hindu  

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 …

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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 …

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'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 …

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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 …

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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 …

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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 …

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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 …

Bank
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 …

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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, …

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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 …

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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 …

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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 …

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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 …

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Lakshmi Vilas Bank rallies 16% on receiving non-binding offer from Clix Group
4 years, 2 months ago

Lakshmi Vilas Bank rallies 16% on receiving non-binding offer from Clix Group

Live Mint  

Shares of Lakshmi Vilas Bank Ltd surged as much as 16.01% after the bank said it has received an indicative non-binding offer from Clix Group. Clix Housing Finance Private Limited, we are glad to inform that, the Bank has received an indicative non-binding offer from Clix Group. Earlier on 15 June, 2020, Lakshmi Vilas Bank said that it had received …

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