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On 17 November 2020, Reserve Bank of India instructed Lakshmi Vilas Bank (LVB) to be merged with DBS India after LVB having placed under moratorium for 30 days due to a "serious deterioration" in the company's financial position. RBI also issued a notification vide which it declared that the financial
position of Lakshmi Vilas Bank is not sufficient to pay off its depositors and a month moratorium was announced under which depositors are able to withdraw a limited amount of money.
RBI presented a draft amalgamation scheme of Lakshmi Vilas Bank with DBS Bank India; the merger would result in a subsequent write-off of paid-up share capital and delisting of Lakshmi Vilas Bank from all stock exchanges. All the branches of LVB will now function as branches of DBIL.
About Lakshmi Vilas Bank
The Lakshmi Vila Bank Ltd was an Indian Private Sector lender established by a group of seven businessmen of Karur under the leadership of Shri V.S.N. Ramalinga Chettiar in 3 November 1926 under the Indian Companies Act, 1913. As of November 2020, the bank has 566 branches in 19 states and 1 union territory.- Headquarters : Chennai (Tamil Nadu)
- MD & CEO : Subramanian Sundar
About DBS Bank
DBS Bank Ltd is a Singaporean multinational banking and financial services corporation headquartered in Marina Bay, Singapore. It was established by the government of Singapore on 16 July 1968 with the name The Development Bank of Singapore Limited. Later it was named as DBS Bank Ltd on 21st July 2003 after gaining the status of global bank. Headquartered in the commercial capital of Mumbai, DBS India operates via a network of 33 bank branches across 22 cities in India.sponsored links
