Categories: India

Cabinet approves merger of Lakshmi Vilas Bank, DBS Bank India

The Cabinet today approved the amalgamation of the Lakshmi Vilas Bank (LVB) with DBS Bank India, a subsidiary of DBS Bank, Singapore.

“On 17.11.2020, to protect depositors' interest and in the interest of financial and banking stability, on RBI's application under section 45 of the Banking Regulation Act, 1949, LVB had been under a moratorium for a period of 30 days. In parallel, RBI, in consultation with Government, superseded the Board of Directors of LVB and appointed an Administrator to protect the depositors' interest,” an official press release issued by the Cabinet said.

Briefing the media about the cabinet decision on the matter Minister Prakash Javadekar said liability will be fixed for wrongdoings in LVB on the board members that has been removed.

"This is one of the efforts of cleaning up the banking sector," Javadekar said.

He said the interests of LVB's 20 lakh depositors, Rs.20,000 crore deposits and 4,000 employees has been secured..

AddThis Website Tools
indianarrative

Recent Posts

Out of all FTAs signed so far, India-UK FTA is biggest, most comprehensive, and most important: Piyush Goyal

The India-UK Free Trade Agreement, signed by Prime Minister Narendra Modi and UK Prime Minister…

2 days ago

10.18 crore women screened for cervical cancer under Ayushman Arogya Mandirs and NHM

The Ministry of Health and Family Welfare has achieved a major milestone in women's health,…

2 days ago

Operation Sindoor is our resolve, message, response: COAS Upendra Dwivedi on Kargil Vijay Diwas

Chief of Army Staff General Upendra Dwivedi on Saturday addressed the Kargil Vijay Diwas celebrations…

2 days ago

“Our forces fought against impossible odds”: CDS General Anil Chauhan pays tribute to Kargil Bravehearts on Vijay Diwas

Chief of Defence Staff General Anil Chauhan on Saturday paid heartfelt tribute to the brave…

2 days ago

Hamas is the obstacle”: Netanyahu on stalled hostage deal

Israeli Prime Minister Benjamin Netanyahu on Friday said that Israel and the United States are…

2 days ago

Cambodia-Thailand border clashes: UNSC convenes urgent meeting

Both Cambodia and Thailand have written to the United Nations Security Council (UNSC) following two…

2 days ago