The government has approved merger of Lakshmi Vilas Bank (LVB) with DBS Bank India (DBIL) and removed restrictions on withdrawal of deposits by depositors. Those responsible for deteriorating financial health of the LVB would be penalised. LVB is the second private sector bank after Yes Bank which has run into rough weather during this year.
The government had earlier on the advice of RBI imposed 30 day moratorium on the crisis-ridden LVB restricting cash withdrawal at Rs 25,000 per depositor.
Lakshmi Vilas Bank offers a wide range of services such as Deposits, loan, MSME, Online Services, NRI services, Wealth Management Services and Personal banking services etc.
