After the Reserve Bank of India (RBI) raised objection to the old-generation private sector bank being categorized as the dominant promoter group, Dhanlaxmi Bank is planning to sell 15 percent of its stake in New Silk Route controlled Destimony Securities.
In October 2010, the bank had picked up 15 percent stake in the company for Rs 13 crore. The bank has been under the RBI glare since the change in management.
Earlier, the RBI had rejected the bank's plea for a one-time waiver of priority sector loan target. The bank has an RBI observer on its board. The bank’s board will meet on March 28, 2012 and will present the RBI’s view. A decision will be taken in consultation with the board.
Dhanlaxmi Bank is an 84-year old bank with a network of over 275 branches and 460 ATMs covering 160 centers across 14 states, the bank services a broad customer base of 1.6 million. The bank provides a suite of banking products and services to its customers across Retail Banking, Wholesale Banking, Microfinance and Agricultural Lending and Small and Medium Enterprises Group.
