DBS Bank India said, all banking facilities available for Lakshmi Vilas Bank customers

new Delhi. DBS Bank India said on Monday that customers of Lakshmi Vilas Bank (LVB) can continue to enjoy all kinds of banking facilities. DBS said that there has been no change in the interest rate on savings and fixed deposits at present. It is to be known that the crisis-ridden Laxmi Vilas Bank has been merged with DBS Bank India.

DBS said in a statement that Lakshmi Vilas Bank has merged into DBS Bank India, a wholly owned subsidiary of DBS Group Holdings Limited. The government and the Reserve Bank of India (RBI) merged LVB into DBS Bank India under special rights under Section 45 of the Banking Regulation Act, 1949, which came into effect from November 27.

Significantly, this merger has brought relief to the depositors, customers and employees of LVB from the period of uncertainty. At the same time, the ban on Laxmi Vilas Bank has also been removed from November 27. With this, the operation of all branches, digital mediums and ATMs has also become normal. DBS said that all banking services to LVB customers will continue. The bank made it clear that the customers would get the same interest on the savings accounts and FDs till the next notice, which was given by the predecessor Lakshmi Vilas Bank.

The statement issued by the bank said that all the employees of LVB will now be employees of DBS Bank India. The service conditions for them will remain the same, which were applicable at Laxmi Vilas Bank. The Indian unit of the Singapore-based DBS Group has stated that it is working with partners of LVB to integrate Laxmi Vilas Bank’s systems and networks with DBS. This integration will be completed in the next few months. Surjeet Shom, chief executive officer of DBS Bank India, said that “The merger of LVB will provide stability to its customers and employees.” This will also increase the number of our customers. Also, we will have access to those cities where we do not have a presence yet.

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