A day after the Reserve Bank of India (RBI) rejected the amalgamation proposal of Indiabulls Housing Finance Ltd. and lndiabulls Commercial Credit Ltd. with private sector lender Lakshmi Vilas Bank (LVB), the latter said its immediate aim would be to raise capital. “Our immediate focus will be to raise capital and bring down non-performing assets to the desired level,” said a top official of the bank. “Raising capital and reducing NPA would automatically bail us out of RBI’s Prompt Corrective Action (PCA),” he pointed out. LVB would continue to work towards raising capital as per the permitted modes in compliance with all applicable acts and regulations, the bank said in a statement. For the second quarter ended June 2019, the bank reported a net loss of ₹237.25 crore against a loss of ₹123.86 crore a year ago.

Source: The Hindu October 10, 2019 17:48 UTC