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 …
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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