In view of the deteriorating financial health at the 94 year old Lakshmi Vilas Bank it was first put under PCA and lately under moratorium. But in the best interest of its depositors, RBI and centre took a decision to amalgamate the bank with the DBS India Bank.
LVB To Operate As DBS Bank From Friday; Equity Write Off Clause Remains As Though
And now after the cabinet today approved its merger, moratorium on it shall be lifted as early as Friday and all the LVB branches will operate as DBS India.
And from then customers of the bank shall be able to operate the bank as customers of DBS Bank India.
Also there is no change in the equity write off clause prescribed earlier in the draft scheme of amalgamation proposed by the apex bank. As per which the entire paid-up share capital of LVB would be written off post the transaction.
On Wednesday, the stock of LVB gained as much as 5% on approval of merger deal.
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