Lakshmi Vilas Bank now part of DBS Bank India Ltd
Key details about the Lakshmi Vilas Bank merger with DBS Bank.
On 17th November 2020, Lakshmi Vilas Bank was placed under moratorium by the Central Government since it was in a rapidly deteriorating financial position. RBI quickly found a suitor for the 93-year-old small private bank in DBS Bank and the merger was proposed shortly thereafter.
The LVB-DBS Bank India Ltd merger is now underway and DBS Bank India Ltd. has brought in an additional capital of Rs. 2,500 crore from its parent bank in Singapore to see through the process. RBI has imposed a moratorium on depositors for a month and limited withdrawals to Rs. 25,000 until 16th December 2020.
It is important to note here that LVB IFSC and MICR code remain unchanged and LVB customers can continue to use their existing bank accounts, debit cards and cheque books without any problems. Until further notice, the interest rates on savings accounts and fixed deposits will remain same as they were for Lakshmi Vilas Bank before the merger.
Some things, however, have been revamped. The LVB name and logo have been retained but a descriptor has been added “now part of DBS Bank India Ltd” to indicate the merger. You can check out the same on the bank’s website: www.lvbank.com.