The bank informed NSE that members of the Exchange are hereby informed that the trading in the equity shares of Lakshmi Vilas Bank Limited shall be withdrawn (delisted) with effect from December 18, 2020.
Last month, the Union Cabinet chaired by Prime Minister Narendra Modi approved the Scheme of Amalgamation of Lakshmi Vilas Bank Limited (LVB) with DBS Bank India Limited (DBIL).
All the branch account has now become part of DBS. Also, the lender’s customers including depositors will be able to operate their accounts as customers of DBS Bank.
DBS India now has LVB’s 563 branches, 974 ATMs and 20 lakh depositors, and 3,20,000 borrowers
The RBI had superseded the LVB board and appointed an administrator after it placed the bank under a one-month moratorium on November 17. LVB is the second bank rescued this year after Yes Bank and the third bailout of a major deposit-taking institution in 15 months