Crisis-Hit Lakshmi Vilas Bank's Merger With DBS India Cleared By Cabinet

The cabinet on Wednesday approved the merger of Lakshmi Vilas Bank (LVB) with DBS India, which is the wholly-owned subsidiary of DBS Bank. "The speedy amalgamation and resolution of the stress in LVB is in line with Government's commitment to a clean banking system, while protecting the interests of depositors, public and financial system," the union minister Prakash Javadekar said in a media briefing at the end of the cabinet meeting. With the merger, there will no further restrictions on the depositors regarding the withdrawal of their deposit, the minister added.

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