 "Indiabulls Real Estate")
The Reserve Bank of India (RBI) on Wednesday rejected the proposed amalgamation of lndiabulls Housing Finance and Lakshmi Vilas Bank (LVB), two weeks after the banking regulator initiated prompt corrective action (PCA) against the Chennai-based bank.
The RBI said the application for the voluntary amalgamation of lndiabulls Housing Finance (IBHFL) and its subsidiary lndiabulls Commercial Credit with LVB could not be approved.
LVB officials declined to comment on the matter.
IBHFL in its statement to the stock exchanges said, “Now that the merger will not happen with Lakshmi Vilas Bank, the uncertainty of the last five months on the business is lifted and
