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Lakshmi Vilas Bank positioned underneath moratorium, withdrawals capped at Rs 25Ok; RBI proposes merger with DBS Bank – The Economic Times Video

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The authorities on Tuesday positioned Lakshmi Vilas Bank underneath a one-month moratorium, outdated its board and capped withdrawals at Rs 25,000 per depositor. The step was taken by the federal government, on the recommendation of the Reserve Bank, in view of the declining monetary well being of the personal sector lender. In a press release, the RBI mentioned within the absence of a reputable revival plan, with a view to guard depositors’ curiosity and within the curiosity of economic and banking stability, there was no different however to use to the central authorities for imposing a moratorium underneath Section 45 of the Banking Regulation Act, 1949.




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