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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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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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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 …

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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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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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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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