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Union Cabinet approves merger of Lakshmi Vilas Bank with DBS Bank India Limited
Video Credit: ANI
Published on November 25, 2020 - Duration: 01:31s
Union Cabinet approves merger of Lakshmi Vilas Bank with DBS Bank India Limited
While addressing a press conference in the national capital on November 25, Information and Broadcasting Minister Prakash Javadekar informed that the Union Cabinet has approved Scheme of Amalgamation of Lakshmi Vilas Bank with DBS Bank India Limited.
"With this, there'll be no further restrictions on depositors regarding the withdrawal of their deposits", he said.
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On November 17, the Reserve Bank of India had unveiled a draft scheme to amalgamate private sector lender LVB with DBS Bank India Ltd (DBIL).
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During the one-month moratorium period of Lakshmi Vilas Bank the government had capped withdrawals at Rs 25,000 per depositor.
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