Lakshmi Vilas Bank has been imposed a penalty amounting to Rs 3 crores by the Reserve Bank of India (RBI) in exercise of powers conferred under Section 47A (1)(c) read with Section 46(4)(i) of the Banking Regulations Act, 1949 for the contraventions of various guidelines/directions in respect of opening of current accounts without obtaining No-objection Certificate (NOC), extending bill discounting facilities to non-constituents and walk-in customers and non-adherence to KYC norms.
Lakshmi Vilas Bank provides various banking products and services to cater to the financial needs of varied customers.
