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Laxmi Vilas Bank Rescue Gets Underway With Withdrawal Cap, Merger Plan

The RBI has proposed to amalgamate LVB with DBS Bank India, a subsidiary of DBS Bank
The RBI has proposed to amalgamate LVB with DBS Bank India, a subsidiary of DBS Bank
The government however made a provision for depositors to withdraw more than Rs 25,000 with permission from the RBI for medical treatment, higher education and marriage expenses. The RBI said that it had to apply to the government for imposing a moratorium under Section 45 of the Banking Regulation Act, 1949, in order to protect the interest of depositors and ensure financial and banking stability. The RBI also proposed a scheme ...
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