Budget 2020

LVB writes off bonds worth ₹318 crore ahead of merger with DBS Bank

LVB will lose its identity on November 27 as it amalgamates with DBS Bank India Ltd. A day ahead of its merger with the Indian arm of Singapore-based DBS Bank, the debt-ridden Lakshmi Vilas Bank (LVB) on November 26 has written off bonds worth ₹318.20 crore as per the existing provisions. As per the effective […]

Budget 2020

Lakshmi Vilas Bank becomes DBS India; 94-year old bank part of history now

New Delhi: Tamil Nadu-based Lakshmi Vilas Bank (LVB) with pre-independence lineage on Friday lost its identity after its merger with the Indian subsidiary of Singapore’s DBS Bank. The debt-ridden 94-year old old bank’s fate was sealed with Union Cabinet headed by Prime Minister Narendra Modi approving Scheme of Amalagamation on Wednesday. The Reserve Bank of […]

Budget 2020

Lakshmi Vilas Bank: Has ease of credit availability in our system encouraged fraud?

By Uma Shashikant There is reason to cheer the move to merge Lakshmi Vilas Bank with DBS. Stakeholders will cry as if they have been cheated, but this solution has its merits. No one will deny that the Indian banking system requires serious repair. There are multiple reasons for the serious systematic risks posed by […]