The Cabinet today on 25 November 2020 approved the scheme of amalgamation of Lakshmi Vilas Bank with DBS Bank India Limited. Union Minister Prakash Javadekar mentioned that with this, there will be no further restrictions on the depositors regarding withdrawal of their deposits.
The Centre has asked the Reserve Bank of India to take action against the people in the management who drive banks to the brink of collapse.
"Speedy amalgamation and resolution of the stress in LVB is in line with Government's commitment to a clean banking system while protecting the interests of depositors and the public as well as the financial system," said Javadekar.