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Lakshmi Vilas Bank To Write Off Rs 318 Crore Debt Ahead Of DBS Merger
27 Nov 2020, 11:13 AM IST 
The administrator said last week that DBS would take over all obligations and no jobs would be cut
A struggling Indian bank being acquired by DBS Group Holdings will write off Rs 318 crore ($43 million) of bonds before being purchased by the Singaporean group. The Reserve Bank of India, which orchestrated the rescue, "has advised the need to fully write down" the tier-2 debt, Lakshmi Vilas Bank said in an exchange filing Thursday. The planned takeover triggered the move, it said.
