Lakshmi Vilas Bank Limited was an Indian private sector bank established in 1926 in Karur, Tamil Nadu. As of November 2020, the bank has 566 branches in 19 states and 1 union territory. The bank was merged into the Indian subsidiary of DBS Bank on 27 November 2020.
About Lakshmi Vilas Bank in brief
Lakshmi Vilas Bank Limited was an Indian private sector bank established in 1926 in Karur, Tamil Nadu. As of November 2020, the bank has 566 branches in 19 states and 1 union territory. The bank was merged into the Indian subsidiary of DBS Bank on 27 November 2020. On 5 April 2019, the board of the bank approved a merger with the country’s second largest housing finance company, Indiabulls Housing Finance Ltd.
However, the plan was discarded after RBI refused to give approval. The merged entity will create a net worth of ⁹19,472 crore and a loan book ₹1,23,393 crore for the nine months of FY1920. On 17 November 2020,. the Reserve Bank of India imposed a month long moratorium on Lakshmi Vil as Bank due to a serious deterioration in the company’s financial position.
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This page is based on the article Lakshmi Vilas Bank published in Wikipedia (as of Dec. 08, 2020) and was automatically summarized using artificial intelligence.
