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

This comes days after the RBI initiated a so-called "prompt corrective action" on Lakshmi Vilas Bank.

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

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.

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