Lakshmi Vilas Bank: The Unravelling Of A 93-Year-Old Lender

This small bank from Tamil Nadu is now on the brink. What took it there and what solution will emerge?

Lakshmi Vilas Bank Mulund branch. (Source: BloombergQuint)
Lakshmi Vilas Bank Mulund branch. (Source: BloombergQuint)
It’s not an everyday occurrence in India to have shareholders vote out directors from a board. Certainly not seven at one shot. It’s even rarer to see this happen at a banking entity, closely monitored by the Reserve Bank of India.Yet, that’s what happened on Sept. 25. Shareholders voted out seven directors of Lakshmi Vilas Bank up for nomination, including Chief Executive Officer S Sundar.Details of the shareholder vote, now availab...
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