Cabinet nod for Lakshmi Vilas Bank, DBS Bank India amalgamation; no restrictions on cash withdrawal limit
New Delhi: The Union Cabinet, chaired by the Prime Minister Narendra Modi has given its approval to the Scheme of Amalgamation of Lakshmi Vilas Bank Limited (LVB) with DBS Bank India Limited (DBIL). With the approval of the scheme, LVB can be amalgamated with DBIL from the appointed date, and with this there’ll no additional restrictions on the depositors concerning withdrawal of their deposits.
On November 17, to guard depositors’ curiosity and within the curiosity of economic and banking stability, on RBI’s utility below part 45 of the Banking Regulation Act, 1949, Lakshmi Vilas Bank had been put below moratorium for a interval of 30 days. During the a one-month moratorium, interval the federal government had capped withdrawals at Rs 25,000 per depositor.
In parallel, RBI, in session with authorities, outmoded the Board of Directors of LVB and appointed an Administrator to guard the depositors’ curiosity.
After inviting strategies and objections from the general public and stakeholders, RBI ready and offered a scheme for the financial institution’s amalgamation for the federal government’s sanction, nicely prematurely of finish of the interval of moratorium in order that restrictions on withdrawal confronted by the depositors are minimised.
DBIL is a banking firm licenced by RBI and working in India by means of wholly owned subsidiary mannequin, DBIL has a robust balance-sheet, with robust capital help and it has the benefit of a robust parentage of DBS, a number one monetary providers group in Asia, with presence in 18 markets and headquartered and listed in Singapore. The mixed balance-sheet of DBIL would stay wholesome even after amalgamation and its branches would enhance to 600.
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“The speedy amalgamation and resolution of the stress in LVB is in line with Government’s commitment to a clean banking system while protecting the interests of depositors and the public as well as the financial system,” a ministry launch stated.
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