RBI's PCA has no connection with FIR filed by EOW: Lakshmi Vilas Bank

Lender inserts ads in several newspapers, issues public notice to explain its point on the FIR that was filed against it based on a complaint by Religare Finvest

In a bid to allay the concerns of shareholders and customers, Lakshmi Vilas Bank (LVB) issued a public notice today, stating that the recent restriction imposed on it by the Reserve Bank of India (RBI) under Prompt Corrective Action (PCA) has no connection whatsoever with FIR filed by the Economic Offences Wing. The EOW had registered the FIR based on a complaint by Religare Finvest Ltd (RFL).

The bank's share prices continued to drop, shedding 4.9 per cent on the National Stock Exchange on Tuesday, amid doubts about Indiabulls Housing's merger with LVB.

The bank inserted advertisements in several newspapers and issued