Lakshmi Vilas Bank to be demolished from Friday, DBS Bank

new Delhi. Lakshmi Vilas Bank (LVB) will be merged into the Indian entity of DBS Bank, Singapore on 28 November. After the Union Cabinet approved the merger proposal of LVB in DBS Bank, RBI on Wednesday announced the merger of the two banks with effect. After the cabinet meeting, Javadekar said that this decision will provide relief to 20 lakh depositors and 4 thousand employees of the bank.

It is noteworthy that the limit which was fixed to withdraw a maximum amount of Rs 25 thousand from the accounts of depositors has also been removed. Earlier on November 17, the Reserve Bank of India (RBI) imposed a moratorium on Lakshmi Vilas Bank for a month. This is the first time when the help of a foreign bank is being taken to save a bank in trouble in the country.

It is worth mentioning that the Reserve Bank had also made public the draft of the merger scheme in the DBS of Lakshmi Vilas Bank under the Companies Act 2013. The RBI dissolved the board of LVB and former non-executive chairman of Canara Bank TN. Manoharan was appointed as the bank’s administrator for 30 days.

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