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Laxmi Vilas Bank, DBIL merger effective from 27 Nov, says RBI after Cabinet nod – Business News , Firstpost


The moratorium imposed on the disaster-ridden lender will likely be eliminated on Friday and depositors of LVB will be capable to function their accounts as prospects of DBS Bank India from that day, mentioned the Central financial institution

Laxmi Vilas Bank. News18

Mumbai: The Reserve Bank on Wednesday mentioned the amalgamation of Lakshmi Vilas Bank with DBS Bank India will come into pressure from 27 November and the moratorium imposed on the disaster-ridden lender will likely be eliminated on that day.

The RBI issued the assertion inside hours of the Cabinet clearing the Scheme of Amalgamation of Lakshmi Vilas Bank Limited (LVB) with DBS Bank India Limited (DBIL).

“The amalgamation will come into force on the Appointed date i.e. 27 November, 2020. All the branches of the Lakshmi Vilas Bank Ltd. will function as branches of DBS Bank India Ltd. with effect from this date,” the RBI mentioned.

Depositors of LVB will be capable to function their accounts as prospects of DBS Bank India with impact from Friday. “Consequently the moratorium on the Lakshmi Vilas Bank Ltd. will cease to be operative from that date,” it mentioned.

The RBI had outmoded the board of LVB on 17 November following the imposition of a moratorium on the non-public sector lender.

DBS Bank India Ltd is making obligatory preparations to make sure that service, as ordinary, is supplied to the purchasers of Lakshmi Vilas Bank, the RBI added.

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