Lakshmi Vilas Bank (LVB) is going to merge into the Indian arm of Singapore-based DBS Bank on November 27, leading to removal of all restrictions, including withdrawal cap of Rs 25,000, which the RBI had placed on the lender earlier this month. The RBI notified the effective date of merger soon after the Union Cabinet headed by Prime Minister Narendra Modi approved the Scheme of Amalgamation of LVB with DBS Bank India (DBIL). All the branches of LVB will function as branches of DBIL with effect from November 27.
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.
