Manoharan says Lakshmi Vilas Bank has ₹20,000 crore in deposits and ₹17,000 crore in advances.
Talking to reporters, Manoharan said that his top priority is to assure depositors that their money is safe and that the bank has enough liquidity to pay back the depositors.
He said post-merger, all LVB employees will retain their jobs at same remuneration. "Will try to ensure there is no shortage of cash at any bank branches," said Manoharan while adding that there has been no run on deposits in the bank.
The government on Tuesday imposed a 30-day moratorium on Lakshmi Vilas Bank, restricting cash withdrawals at ₹25,000 per depositor, and simultaneously announced a scheme to merge the cash-strapped lender with DBS India.
The step was taken on the advice of the Reserve Bank in view of the private sector bank's deteriorating financial health.
The Reserve Bank also superseded the board of Lakshmi Vilas Bank (LVB) and appointed Manoharan, former non-executive chairman of Canara Bank, as its administrator for 30 days.