businessUpdated: Nov 18, 2020, 09:50 ISTThe Reserve Bank of India (RBI) on Tuesday seized control of the Lakshmi Vilas Bank (LVB) due to a “serious deterioration” in its finances. Amid mounting bad loan and governance issues, the central bank has forced LVB’s merger with DBS Bank India Limited (DBIL), the local unit of Singapore’s largest lender DBS Bank. This is the first time that RBI has tapped a bank with a foreign parent to safeguard an Indian rival. Here’s everything you need to know about the Lakshmi Vilas Bank’s crisis and RBI’s action plan:1. Thereafter, a proposed merger with Clix Capital Ltd also collapsed.

Source: Hindustan Times November 18, 2020 04:20 UTC