Employee union opposes merger of Lakshmi Vilas Bank with Indiabulls

The union further alleged it (the merger) is obviously a short-circuit method by Indiabulls Housing Finance Ltd and manage to become a bank through this method

All India Bank Employees Association (AIBEA) has opposed the proposed merger of Lakshmi Vilas Bank with Indiabulls Housing Finance Ltd. The association urged the Reserve Bank of India (RBI) not to give nod for the merger.

Lakshmi Vilas Bank had earlier said that it has received approval from the board to merge the bank with Indiabulls Housing Finance Ltd.

While RBI clarified that the Board has unanimously approved the resolution, the RBI nominee directors, as is the practice at the bank, did not have to participate in the voting or express any views. But the union said that the two