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Lakshmi Vilas Bank Caps Withdrawals At Rs 25,000 For Depositors, DBS Bank Comes To Rescue. #BWDigest

The RBI has put bankrupt Lakshmi Vilas Bank (LVB) under a one-month moratorium and capped withdrawals for depositors to ?25,000. The RBI also announced its decision to amalgamate the LVB with the DBS Bank India. DBS India will pay Lakshmi Vilas Bank's depositors fully if they do not want to continue to stay with them post-merger. Without major layoffs, employees are also supposed to be absorbed by DBS Bank India.

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