Lakshmi Vilas Bank brought under moratorium till 16 Dec; restricts withdrawals at ₹25,000
- The financial position of the bank has undergone a steady decline with the bank incurring continuous losses over the last three years, eroding its net-worth, says RBI
- Borrowers can withdraw above ₹25,000 only for unforeseen expenses including medical treatment, education etc, says govt
The government on Tuesday said Lakshmi Vilas Bank has been brought under moratorium effective 6 pm, 17 November until 16 December and has restricted withdrawals of more than ₹25,000 per borrower during the period of moratorium.
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