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RBI Rejects Indiabulls Housing, Lakshmi Vilas Bank's Proposed Merger

RBI Rejects Indiabulls Housing, Lakshmi Vilas Bank's Proposed Merger

Lakshmi Vilas Bank said on Wednesday the central bank has not approved its merger with Indiabulls Housing Finance.

This comes days after the Reserve Bank of India initiated a so-called "prompt corrective action" on the lender due to high level of bad loans, lack of sufficient capital to manage risks and a negative return on assets for two consecutive years.