New Delhi, November 27
Tamil Nadu-based Lakshmi Vilas Bank (LVB) with pre-independence lineage on Friday lost its identity after its merger with the Indian subsidiary of Singapore’s DBS Bank. The debt-ridden 94-year old old bank’s fate was sealed with Union Cabinet headed by Prime Minister Narendra Modi approving Scheme of Amalagamation on Wednesday. The Reserve Bank of India had announced November 27 as the effective date of merger for LVB with DBS Bank India Ltd (DBIL).
All the branches of LVB will function as branches of DBIL with effect from November 27, the RBI had said in a statement. — PTI