A- A A+
Last Updated : Dec 1 2020 10:37PM     Screen Reader Access
News Highlights
Centre appeals to Farmers to suspend protests and Join Talks; 4th Round of talks on Thursday            J&K: Phase-2 of District Development Council elections conducted peacefully ; 48.62% voter turnout recorded            FPI inflows in October and November witness a significant resurgence            India reports new daily COVID-19 cases below 50 thousand mark for 24 consecutive days            India to take on Australia in third and final ODI at Canberra: Live Commentary on All India Radio           

Business News

Nov 17, 2020
9:58PM

Reserve Bank places Lakshmi Vilas Bank Ltd under moratorium

@RBI
In view of its weak financials, the Reserve Bank has placed the Lakshmi Vilas Bank Limited under moratorium with immediate effect. In a statement issued today, RBI said the moratorium will be effective for thirty days with a view to protect depositors’ interest.

Accordingly, RBI has capped all cash withdrawals from the bank to twenty five thousand rupees.
 
According to the banking regulator, the private sector lender has seen a steady decline in its financials with it incurring losses over the last three years. It may be recalled that the Karur based bank was placed under the Prompt Corrective Action framework in September 2019 and yet there was no improvement in its position with declining advances and mounting non-performing assets.
 
Meanwhile, RBI has appointed the former Non Executive Chairman of Canara Bank, T. N. Manoharan as the banks’ administrator for the moratorium period.

Besides, RBI has also announced the draft scheme of amalgamation of The Lakshmi Vilas Bank with Delhi based DBS Bank India Limited - DBIL.  RBI said DBIL has a strong parentage and a healthy balance sheet with strong capital support, adding that its combined balance sheet would remain healthy even after the proposed amalgamation. The apex bank said the draft scheme has been sent to both the banks for their consideration while public comments, including those of their depositors and creditors will be accepted till 20th November and a final decision taken thereafter. 

Live Twitter Feed

Listen News

Morning News 1 (Dec) Midday News 1 (Dec) Evening News 1 (Dec) Hourly 1 (Dec) (1910hrs)
समाचार प्रभात 1 (Dec) दोपहर समाचार 1 (Dec) समाचार संध्या 1 (Dec) प्रति घंटा समाचार 1 (Dec) (2200hrs)
Khabarnama (Mor) 1 (Dec) Khabrein(Day) 1 (Dec) Khabrein(Eve) 1 (Dec)
Aaj Savere 1 (Dec) Parikrama 1 (Dec)

Listen Programs

Market Mantra 1 (Dec) Samayki 9 (Aug) Sports Scan 1 (Dec) Spotlight/News Analysis 1 (Dec) Employment News 1 (Dec) World News 1 (Dec) Samachar Darshan 22 (Mar) Radio Newsreel 21 (Mar)
    Public Speak

    Country wide 12 (Mar) Surkhiyon Mein 1 (Dec) Charcha Ka Vishai Ha 11 (Mar) Vaad-Samvaad 17 (Mar) Money Talk 17 (Mar) Current Affairs 6 (Mar) Sanskrit Saptahiki 28 (Nov) North East Diary 26 (Nov)