The Reserve Bank of India on October 17, 2020, seized control of a struggling Lakshmi Vilas Bank and forced its merger with the local unit of Singapore’s largest lender DBS Bank. In November, RBI capped deposit withdrawals from the bank at Rs 25,000 a day for a month (till December 17, 2020). The regulator's intervention came after watching the bank struggling to find a suitor to help it meet minimum capital buffers. According to the rescue plan, the entire paid-up share capital, and reserves and surpluses of LVB would be written off....Read More
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