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On November 17, the central government placed the Tamil Nadu-based private sector lender Lakshmi Vilas Bank under a moratorium. The government capped withdrawals from Lakshmi Vilas Bank customers' accounts at Rs 25,000 a month, the Ministry of Finance said in a statement. However, depositors will be allowed to withdraw more than Rs 25,000 with permission from the Reserve Bank of India for purposes such as medical treatment, payment of higher education & marriage expenses, the ministry said. The decision was taken on the Reserve Bank of India's advice in view of the bank's deteriorating financial health. In a separate statement, the RBI said there was no credible revival plan but to apply to the central government for imposing a moratorium. Lakshmi Vikas Bank was reportedly in talks with Clix Capital for capital infusion and a possible merger. Troubles for the bank started in 2019 when the RBI rejected a proposal for its merger with shadow lender Indiabulls Housing Finance. Watch the video to know more.
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Centre DBIL DBS DBS Bank DBS Bank India Ltd Lakshmi Vilas Bank Lakshmi Vilas Bank (LVB) Lakshmi Vilas Bank Cash Withdrawal LVB LVB Under Moratorium moratorium RBI Reserve Bank of India
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