Plea in Delhi High Court against Lakshmi Vilas Bank-DBS merger
NEW DELHI: A plea in the Delhi High Court has challenged the scheme of amalgamation of Lakshmi Vilas Bank with Development Bank of Singapore (DBS), contending that its shareholders have been “left in the lurch” and the Centre and the Reserve Bank have failed to protect their interests. The petition was listed before a bench […]
Lakshmi Vilas Bank amalgamation with DBS akin to 2G spectrum scam: Subramanian Swamy
NEW DELHI: BJP Rajya Sabha MP Subramanian Swamy on Thursday urged Prime Minister Narendra Modi to liken the amalgamation of Lakshmi Vilas Bank (LVB) with DBS Bank India Ltd to the 2G spectrum scam. Swamy also urged Modi to put on hold the amalgamation of LVB with DBS Bank India and conduct a forensic audit […]
Narendar Modi government approves merger of Lakshmi Vilas Bank with DBIL
NEW DELHI: The Narendra Modi government on Wednesday approved the merger of crisis-ridden Lakshmi Vilas Bank (LVB) with the DBS Bank India Ltd (DBIL) with Union minister Prakash Javadekar asserting that there will be no further restrictions on the depositors regarding withdrawals other than the current moratorium. The minister also assured depositors that Rs 20,000 […]
RSS body accuses RBI of favouritism, backdoor entry and snubbing due process
NEW DELHI: A week after the Reserve Bank of India (RBI) decided to palm off the 94-year-old Tamil Nadu-based Lakshmi Vilas Bank (LVB) free of cost, the issue has taken a political turn. On November 17, the RBI had proposed a draft scheme of amalgamation of the beleaguered Lakshmi Vilas Bank with DBS Bank India […]
Probe all officials, including of RBI, on Lakshmi Vilas Bank watch: AIBEA
By Venkatachari Jagannathan CHENNAI: India’s Finance Minister Nirmala Sitharaman should intervene in the Lakshmi Vilas Bank (LVB) issue and announce that it would be amalgamated with a public sector bank, the All India Bank Employees’ Association (AIBEA) said on Tuesday. The AIBEA also said that the Reserve Bank of India (RBI) cannot simply wash its […]
Lakshmi Vilas Bank come under moratorium, Rs 25,000 withdrawal cap placed
NEW DELHI: Following an application submitted by the Reserve Bank of India (RBI), the government of India on Tuesday brought Lakshmi Vilas Bank under moratorium for 30 days, and restricted withdrawals by depositors to Rs 25,000 each. The Centre issued the moratorium notification under Section 45 (2) of the Banking Regulation Act, 1949. The moratorium […]
RBI proposes to merge Lakshmi Vilas Bank with DBS Bank India
NEW DELHI: The Reserve Bank of India (RBI) on Tuesday proposed a draft scheme of amalgamation of the beleaguered Lakshmi Vilas Bank with DBS Bank India Ltd, a wholly-owned subsidiary of DBS Bank Ltd, Singapore. The RBI has also placed the Lakshmi Vilas Bank under moratorium for 30 days and superseded its Board owing to […]
Indiabulls expect RBI nod for merger with Lakshmi Vilas Bank by October
MUMBAI: Exuding confidence of getting the regulatory nod for merger with Lakshmi Vilas Bank in two months and the merged entity to be operational by next March, Indiabulls Housing Finance Tuesday said it will turn itself into an SME-focused bank if the merger goes through. The promoters exiting the real estate business or at least […]
Indiabulls Housing Finance-Lakshmi Vilas Bank merger gets CCI nod
NEW DELHI: Indiabulls Housing Finance on Friday said the Competition Commission of India (CCI) has approved the proposed merger of the company with Lakshmi Vilas Bank. In April this year, Lakshmi Vilas Bank had announced its merger with Indiabulls Housing Finance in a share-swap deal with an intent to create a combined entity with larger […]