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November 28, 2020

Lakshmi Vilas Bank is now DBS Bank (India)

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Debt ridden Lakshmi Vilas Bank has became DBS India Bank due to it's merger with  Singapore's DBS Bank.  The Reserve Bank of India had announced yesterday (27th November 2020) as the effective date of merger for the 94-year old Tamil Nadu-based bank with DBS Bank India Ltd (DBIL). Earlier, the Union Cabinet headed by Prime Minister Narendra Modi has approved the Scheme of Amalagamation of LVB. 

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.

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November 13, 2020

SBI PO Recruitment 2021 - 2000 Posts

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Good news for banking aspirants, the State Bank of India has came out with the recruitment notification for Probationary Officers (POs) for the year 2021. There are 2000 posts in total. You can apply online from 14th November 2020 to 4th December 2020. Check complete details below. All the Best :)

SBI PO 2021 Recruitment Notification Highlights

Name of the Bank : State Bank of India (SBI)

Name of the Posts : Probationary Officers (POs)

Number of Posts :
  • SC - 300 Posts
  • ST - 150 Posts
  • OBC - 540 Posts
  • EWS - 200 Posts
  • General - 810 Posts
    • Total - 2000 Posts
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