Home >Companies >News >Post restrictions, Lakshmi Vilas Bank customers say daily life getting affected
The central bank has also placed in public domain a draft scheme of amalgamation of Lakshmi Vilas Bank with DBS Bank (Photo: ANI)
The central bank has also placed in public domain a draft scheme of amalgamation of Lakshmi Vilas Bank with DBS Bank (Photo: ANI)

Post restrictions, Lakshmi Vilas Bank customers say daily life getting affected

The customers said they're worried as withdrawal limit is capped at 25,000 till 16 December

A dayafter the government placed Lakshmi Vilas Bank under a one-month moratorium and superseded its board, its customers say their daily life stand to get affected a lot. The customers said they're worried as withdrawal limit is capped at 25,000 till 16 December.

"We know nothing will go wrong but 25,000 withdrawal limit is very less. RBI has to take some measures so our daily life is not affected," said Sunil, an LVB customer in Karnataka, to news agency ANI.

Another customer in Tamil Nadu's Rameswaram told ANI, " 25,000 withdrawal is difficult as it's a tourist spot. Request authorities to raise it."

Shares of Lakshmi Vilas Bank on Wednesday tanked as much as 20 per cent to hit its lowest permissible trading limit on Wednesday.

The scrip cracked 20 per cent on BSE to hit its lower circuit limit of 12.4.

On Tuesday, the government placed Lakshmi Vilas Bank under a one-month moratorium, superseded its board and capped withdrawals at 25,000 per depositor.

The step was taken by the government, on the advice of the Reserve Bank, in view of the declining financial health of the private sector lender.

T N Manoharan, former non-executive chairman of Canara Bank, has been appointed as the administrator of the bank.

Besides, the central bank has also placed in public domain a draft scheme of amalgamation of Lakshmi Vilas Bank with DBS Bank.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Close
×
My Reads Redeem a Gift Card Logout