BackLakshmi Vilas Bank branches to operate as DBS Bank from today
DBS Bank is making necessary arrangements to ensure that service, as usual, is provided to customers of LVB, the central bank added.
PremiumAll the branches of Lakshmi Vilas Bank (LVB) will start functioning as branches of Indian arm of Singapore-based DBS Bank from today, leading to removal of all restrictions, including withdrawal cap of ₹25,000, which the RBI had placed on the lender earlier this month.
"Customers, including depositors of the Lakshmi Vilas Bank Ltd. will be able to operate their accounts as customers of DBS Bank India Ltd. with effect from November 27, 2020," the LVB said in a regulatory filing.
"Consequently the moratorium on the Lakshmi Vilas Bank Ltd. will cease to be operative from that date. DBS Bank India Ltd. is making necessary arrangements to ensure that service, as usual, is provided to the customers of the Lakshmi Vilas Bank Ltd."
The RBI on Wednesday 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 Ltd (DBIL).
"Customers, including depositors of the Lakshmi Vilas Bank Ltd will be able to operate their accounts as customers of DBS Bank India Ltd (DBIL) with effect from November 27, 2020. Consequently the moratorium on the Lakshmi Vilas Bank Ltd. will cease to be operative from that date," it said.
DBIL is making necessary arrangements to ensure that service, as usual, is provided to customers of LVB, the central bank added.
The RBI had superseded LVB's board on November 17 after the private sector lender was placed under a moratorium.
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