RBI To Fold Lakshmi Vilas Bank Into Arm Of Singapore's DBS
The Reserve Bank of India (RBI) on Tuesday proposed folding Lakshmi Vilas Bank into the local unit of Singapore's DBS, shortly after taking control of the Indian lender due to a "serious deterioration" in its financial position. (Also Read: Centre Caps Withdrawal From Lakshmi Vilas Bank At ₹ 25,000 Till December 16 )
RBI also said in a statement it had temporarily capped withdrawals from Lakshmi Vilas, which had been locked in protracted talks with Clix Capital, at Rs 25,000 ($336). Lakshmi Vilas has been looking for a buyer since last year and the RBI last year rejected a proposal for it to merge with shadow lender Indiabulls Housing Finance Ltd
Clix, part of a company owned by Mumbai-based private equity firm AION Capital, had in June submitted a non-binding offer to acquire Chennai-based Lakshmi Vilas, which has been struggling with bad loans and governance issues.AION is a partnership between New York-based Apollo Global Management and a unit of India's ICICI Bank.
Lakshmi Vilas shares fell 4 per cent last week after India's Economic Times reported Clix was prepared to walk away from the deal if talks dragged on without a firm timeline.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
