Budget 2020

Lakshmi Vilas Bank customers can access all services; no change in interest rates as of now: DBS

NEW DELHI: DBS Bank India on Monday said customers of Lakshmi Vilas Bank, which has now been merged with it, can continue to access all banking services, and interest rates on savings and fixed deposits are unchanged as of now. Lakshmi Vilas Bank (LVB) has now been amalgamated with DBS Bank India Ltd (DBIL), the […]

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 […]

Budget 2020

Lakshmi Vilas Bank depositors’ money safe, says RBI-appointed administrator

T N Manoharan, the RBI-appointed administrator of Lakshmi Vilas Bank, on Wednesday said that depositors’ money is safe and expressed confidence of completing the lender’s merger with DBS Bank India within the deadline set by the regulator. On Tuesday, the Reserve Bank of India (RBI) appointed former non-executive chairman of Canara Bank T N Manoharan […]

Budget 2020

Lakshmi Vilas Bank shareholders may not get anything from DBS deal

KOLKATA: Equity shareholders in Lakshmi Vilas Bank (LVB) may stand to lose as there may not be anything for them in the scheme of amalgamation with DBS Bank. LVB eroded its net worth and therefore it’s natural that shareholders would lose out, two people familiar with the matter said. Indiabulls Housing Finance, which was denied […]

Budget 2020

Lakshmi Vilas Bank plunges 9% post Q2 loss; auditor says bank needs urgent capital infusion

NEW DELHI: Shares of Lakshmi Vilas Bank (LVB) fell 9 per cent in Monday’s trade after the bank’s auditor said urgent steps are needed to augment the lender’s capital base in the FY21. The comment came as the private lender reported a net loss of Rs 397 crore for September quarter compared with a loss […]