The Reserve Bank of India (RBI) on Tuesday unveiled a scheme to merge Lakshmi Vilas Bank (LVB) with DBS Bank India Ltd. (DBIL). DBIL is a wholly owned subsidiary of DBS Bank Ltd, Singapore (“DBS"), which in turn is a subsidiary of Asia’s leading financial services group, DBS Group Holdings Limited. “The Reserve Bank invites suggestions and objections, if any, from members,depositors and other creditors of transferor bank (LVB) and transferee bank (DBIL), on the draft scheme, which may be sent to the address mentioned in the “Notice". The draft scheme has also been sent to transferor bank and transferee bank for their suggestions and objections. The Reserve Bank will take a final view thereafter, the RBI said in its notice.

Source: Mint November 17, 2020 14:00 UTC