Laxmi Vilas Bank Rescue Gets Underway With Withdrawal Cap, Merger Plan | Read

PUBLISHED ON: November 18, 2020 | Duration: 2 min, 25 sec

  
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The government initiated the process of rescuing the beleaguered Lakshmi Vilas Bank (LVB) on Tuesday by placing it under a moratorium for one month, and capping withdrawals from its customers' accounts at ₹ 25,000 a month. The move to freeze the bank accounts was in view of the Tamil Nadu-based private sector lender's deteriorating financial health. The Reserve Bank of India (RBI) proposed a plan to merge Lakshmi Vilas Bank with DBS Bank India, a subsidiary of Singapore-based DBS Bank, due to failure to find a suitor for the troubled bank in the past.
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