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<ul><li>Customers of <keyword id="135860" type="COMPANY" weightage="20" keywordseo="Lakshmi-Vilas-Bank">Lakshmi Vilas Bank</keyword> (LVB) have withdrawn ₹10 crore since the Reserve Bank of India (RBI) announced a moratorium on transactions yesterday evening. </li><li>The RBI has limited withdrawals to ₹25,000 per depositor for the next one month, until December 16. </li><li>However, LVB’s newly anointed Administrator and former Canara Bank Chairman TN Manoharan believes the bank has enough liquidity to pay depositors and the moratorium may be lifted before the deadline hits.</li></ul>Customers of Lakshmi Vilas Bank (LVB) have withdrawn ₹10 crore since the Reserve Bank of India (RBI) placed it under moratorium yesterday evening. “There is no run on the bank. Customers understand the fundamental strength of the institution,” said former Chairman of Canara Bank and the newly anointed Administrator of LVB, TN Manoharan. However, the process to prepare banks to withdraw ₹25,000 per depositor is still ongoing leading to ‘technical issues’ at certain locations. According to Manoharan, the software within branches, ATMs, and other aspects need to be revamped before they can be opened up again. “The books are closed and withdrawals are frozen when a moratorium is put in place. The regulator then permitted a ₹25,000 withdrawal limit. But the system can’t be released or opened up again as in. Software is getting updated to address that,” he explained during today’s press conference. To address any shortage of cash at a particular branch, the manager has the option to either pull in funds from other branches or call on the currency chest. Moratorium may end early Even though Manoharan has only been at the helm for less than 24 hours, he is confident that the moratorium will be lifted before the deadline of December 16. According to him, there is enough liquidity with the bank to pay back the depositors. On the downfall of the bank, he revealed the fault may lie in the bank’s focus shifting from retail loans to corporate lending. “Fresh slippages hiked gross NPA from 10% to 15% and then 25%. That is an alarming level of increase in the recent past,” he said. Manoharan is also optimistic that the lifting of limits and the lifting of the moratorium will be coterminal. LVB customers can withdraw upto ₹5 lakh for emergencies Even though withdrawals have been limited to ₹25,000 per customer for the next one month, until December 16, there is a provision for customers to withdraw upto ₹5 lakh or the entirety of their account balance for emergencies. It includes medical expenses, marriage, or higher education among other situations for which evidence can be filed with the bank. However, the power to approve these requests won’t lie with the branch managers. Instead, the request shall be passed onto the RBI, who will then yield the final verdict on whether or not the money can be released. One of the questions that remains unanswered how the Fixed Deposits (FDs) at the bank will be resolved. While LVB offers an interest rate of up to 7%, DBS Bank India's rate is at most 4.5%. However, the fate of FDs and other products of the bank do not lie with the current board that been appointed by the RBI. The new management, which will step in once the amalgamation process is complete, will determine the terms after the infusion of capital, according to Mahoharan. Update note: The withdrawal figure was incorrectly cited as ₹10,000 crore and changed to₹10 crore. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/capgemini-hr-head-explains-why-the-french-it-major-is-going-crazy-hiring-in-india-and-around-the-world/articleshow/79277396.cms">EXCLUSIVE: Capgemini HR head explains why the French IT major is going crazy hiring in India and around the world</a> <a href="https://www.businessinsider.in/business/news/indiamart-and-justdial-in-legal-battle-over-copyright-violations/articleshow/79275178.cms">IndiaMart and JD Mart gear up for a legal battle over copyright infringement — even as Justdial calls IndiaMart’s allegations ‘baseless’</a> <a href="https://www.businessinsider.in/india/news/cipla-launches-a-new-rapid-antibody-detection-test-for-covid-19-which-will-give-you-results-in-less-than-10-minutes/articleshow/79275894.cms">Cipla launches Covi-G — a new rapid antibody detection test for COVID-19 which will give you results in less than 10 minutes</a>

Lakshmi Vilas Bank customers have withdrawn ₹10 crore since RBI's moratorium was announced last night

Chennai, The shareholders of the 94-year-old <keyword id="135860" type="COMPANY" weightage="20" keywordseo="Lakshmi-Vilas-Bank">Lakshmi Vilas Bank</keyword> (LVB) may not be getting anything as per the Reserve Bank of India's (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) draft scheme for its amalgamation with DBS Bank India. The draft scheme also states the employees of the LVB will become the employees of the DBS Bank and the latter can discontinue the services of key managerial personnel of the former following due procedure after the appointed date. On Tuesday, the RBI announced its decision to amalgamate the LVB with the DBS Bank India. It also placed the LVB on moratorium for 30 days and superseded its Board, owing to serious deterioration in the lender's financial position. T.N. Manoharan, a former Non-Executive Chairman of Canara Bank, has been appointed as the Administrator of the bank. As per the draft amalgamation scheme, the RBI has said on and from the appointed date, the entire amount of the paid-up share capital and reserves and surplus, including the balances in the share/securities premium account of the transferor bank (LVB), shall stand written off. On and from the appointed date, the transferor bank shall cease to exist by operation of the scheme, and its shares or debentures listed in any stock exchange shall stand delisted without any further action from the transferor bank, transferee bank (DBS Bank India) or order from any authority. As regards LVB employees, they will continue in service and be deemed to have been appointed in the DBS Bank India at the same remuneration and on the same terms and conditions of service, as were applicable to such employees immediately before the close of business on November 17. However, the RBI scheme also provides for DBS Bank India to discontinue the services of key managerial personnel of LVB after following the due procedure at any time, after the appointed date, as it deems necessary and providing them compensation as per the terms of their employment. Similarly, DBS Bank India shall have the option of merging LVB branches according to its convenience and may close down or shift the existing branches as per the extant instructions issued by the RBI. (Venkatachari Jagannathan can be contacted at v.jagannathan@ians.in) --IANS vj/vd

LVB moratorium: Shareholders may not get anything, key managerial personnel may lose job

Lakshmi Vilas Bank is the fifth financial firm to collapse in India within the last 30 months

<keyword id="135860" type="COMPANY" weightage="20" keywordseo="Lakshmi-Vilas-Bank">Lakshmi Vilas Bank</keyword> (LVB) is now amalgamated with <keyword id="133737" type="CITY" weightage="20" keywordseo="DBS-Bank">DBS Bank</keyword> India Limited (DBIL), the wholly owned subsidiary of Singapore-based DBS Group Holdings Ltd. In a statement on Monday, DBS Bank said that the scheme of amalgamation is under the special powers of the Government of India and Reserve Bank of India under Section 45 of the Banking Regulation Act, 1949, India, and has come into effect on 27 November, 2020. It added that the amalgamation provides stability and better prospects to LVB's depositors, customers and employees following a period of uncertainty. The moratorium imposed on LVB was lifted from November 27, 2020 and banking services were restored immediately with all branches, digital channels and ATMs functioning as usual. LVB customers can continue to access all banking services. The interest rates on savings bank accounts and fixed deposits are governed by the rates offered by the erstwhile LVB till further notice. All LVB employees will continue in service and are now employees of DBIL on the same terms and conditions of service as under LVB. The DBS team is working closely with LVB colleagues to integrate LVB's systems and network into DBS over the coming months, the statement said. Once the integration is complete, customers will be able to access a wider range of products and services, including access to the full suite of DBS digital banking services which have won multiple global accolades, it added. Moreover, the bank asserted that it is well-capitalised and its capital adequacy ratios (CAR) will remain above regulatory requirements even after the amalgamation. Additionally, the DBS Group will inject Rs 2,500 crore into DBIL to support the amalgamation and for future growth. This will be fully funded from DBS Group's existing resources. DBS has been in India since 1994 and converted its India operations to a wholly owned subsidiary (DBIL) in March 2019. Surojit Shome, CEO of DBS Bank India Limited, said, "The amalgamation of LVB has enabled us to provide stability to LVB's depositors and employees. It also gives us access to a larger set of customers and cities where we do not currently have a presence. We look forward to working with our new colleagues towards being a strong banking partner to LVB's clients."

Lakshmi Vilas Bank (LVB) is now amalgamated with DBS Bank India – fund infusion of ₹2,500 crore to follow

<ul><li>India’s <keyword id="6355512" type="ORGANIZATION" weightage="20" keywordseo="union-cabinet">Union Cabinet</keyword> has approved the merger of the troubled <keyword id="135860" type="COMPANY" weightage="20" keywordseo="Lakshmi-Vilas-Bank">Lakshmi Vilas Bank</keyword> (LVB) with <keyword id="133737" type="CITY" weightage="20" keywordseo="DBS-Bank">DBS Bank</keyword> India.</li><li>“This is a part of the clean up that was required in the banking sector,” said Union Minister <keyword id="119642" type="PERSON" weightage="20" keywordseo="Prakash-Javadekar">Prakash Javadekar</keyword> during the press conference.</li><li>He also revealed that the members of the board, who have now been removed, will be held accountable and there will be liability for those found to have made mistakes. </li></ul>The merger of the troubled Lakshmi Vilas Bank (LVB) with DBS Bank India has been approved by the <keyword id="44734" type="ORGANIZATION" weightage="20" keywordseo="Indian-Government">Indian government</keyword>’s Union Cabinet. Union Minister Prakash Javadekar said the ₹20,000 crore deposit of the 20 lakh customers is now safe. “Customers need not rush to banks to withdraw their money. However, whoever does wish to withdraw can now do so at any time in a safe way,” he said during the press conference. He also revealed that those members of the board who were responsible for the mistakes will be held accountable. “Those who have made mistakes, will be punished. There will be improvement in overall oversight also so as not to repeat such incidents in the future,” Javadekar explained. Resolving the LVB crisis On the fateful night of November 17, <a href="https://www.businessinsider.in/finance/news/lakshmi-vilas-bank-under-moratorium-rbi-caps-maximum-deposit-or-withdrawal-at-25000/articleshow/79267116.cms">LVB was put under a one-month moratorium</a> with withdrawals capped at ₹25,000 per account holder by the Reserve Bank of India (RBI). India’s apex bank also announced that due to lack of a potential bank for capital infusion, LVB will now be merged with DBS Bank India, a subsidiary of Singapore’s DBS. “This is a part of the clean up that was required in the banking sector,” said Javadekar. While some have praised the RBI’s decisiveness, others like the head of the All India Bank Employees’ Association (<a href="https://www.businessinsider.in/finance/banks/news/rbis-decision-to-merge-lvb-with-dbs-bank-questioned-by-banking-union-head-on-why-other-institutions-werent-considered/articleshow/79277116.cms">AIBEA</a>) and <a href="https://www.businessinsider.in/finance/banks/news/lakshmi-vilas-bank-promoter-believes-the-rbi-shouldve-called-for-bids-from-interested-parties-other-than-dbs-bank/articleshow/79320765.cms">one of the bank’s promoters</a> have raised the red flag on the central bank’s decision. The primary concern to these queries is why other bids were not considered for the merger of LVB. The former Chairman of Canara Bank and the man appointed by the RBI to lead the bank during the moratorium period, TN Manoharan, assured the press that <a href="https://www.businessinsider.in/finance/banks/news/lakshmi-vilas-bank-customers-have-withdrawn-10000-crore-since-rbis-moratorium-was-announced-last-night/articleshow/79281857.cms">there is no run on the bank</a> a day after taking over. Manoharan predicted that the lifting of withdrawal limits and the lifting of moratorium to be coterminal. If this holds true, <a href="https://www.businessinsider.in/finance/banks/news/lakshmi-vilas-bank-is-the-fifth-financial-firm-after-ilfs-dhfl-yes-bank-and-pmc-bank-to-collapse-in-india/slidelist/79286096.cms">RBI’s handling of the LVB crisis</a> will be considered at par with its swift handling during the Yes Bank scam. On the other hand, the PMC bank crisis remains unresolved — leaving its depositors in the lurch, even today. The street view Meanwhile, in the stock market, LVB’s share price continued to plummet for the seventh consecutive day on November 25. The stock has lost more than half of its value — around 55% — since the moratorium was announced on November 17. “In our view, the merger of LVB with DBS Bank, which is trying to expand its base in India, will be a long-term positive for the latter,” said Emkay Research in its report dated November 18. However, the analysts also point out that there is a flip side. Since LVB will now be delisted from the stock market, it will be a negative move for the minority investors in the company. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/bank-employees-to-go-on-a-nationwide-strike-tomorrow-in-solidarity-with-farmers-protests/articleshow/79402946.cms">Bank employees to go on a nationwide strike on November 26 in solidarity with farmers’ protests</a> <a href="https://www.businessinsider.in/tech/apps/news/twitters-verification-badges-are-set-to-make-a-return-here-all-the-terms-and-conditions-of-how-to-apply/articleshow/79402586.cms">Twitter's coveted blue ticks are making a comeback next year along with new account types and labels</a> <a href="https://www.businessinsider.in/science/space/news/elon-musk-led-space-x-is-ready-to-conduct-the-first-major-test-of-its-starship-rocket-next-week-and-set-a-new-record/articleshow/79401235.cms">Elon Musk-led Space X is ready to conduct the first major test of its Starship rocket next week and set a new record</a> <a href="https://www.businessinsider.in/tech/apps/news/15-of-the-43-apps-india-banned-today-are-dating-apps/articleshow/79389714.cms">One-third of the latest Chinese mobile apps banned by India are dating services</a>

LVB-DBS Bank India merger approved by Union Cabinet — ‘those who have made mistakes will be punished’

Chennai, Terming the handing over of the 94-year-old Karur-based Lakshmi Vilas Bank (LVB) to DBS Bank India Ltd without inviting any open bids as "<keyword id="46353" type="PERSON" weightage="20" keywordseo="Match-fixing">match fixing</keyword>", a major union in the banking sector, however, welcomed the government's decision to fix liability on <keyword id="10331723" type="UNKNOWN" weightage="20" keywordseo="LVB-board-members">LVB board members</keyword> for wrong doings. The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday gave its approval to the Scheme of Amalgamation of LVB with DBS Bank India. Reacting to the Cabinet's decision, All India Bank Employees' Association (AIBEA) General Secretary C.H.Venkatachalam told IANS: "It is like match fixing in favour of DBS Bank India. The government's decision was not in the interests of the country and proves the favours shown to foreign capital." However, Venkatachalam welcomed the announcement made by <keyword id="3198120" type="PERSON" weightage="20" keywordseo="Union-minister-Prakash-Javadekar">Union Minister Prakash Javadekar</keyword> on fixing of liability on board members of LVB for wrong doings. "This is one of the efforts of cleaning up the banking sector," Javadekar told media while briefing about the Cabinet decisions, adding that the interests of LVB's 20 lakh depositors, ₹ 20,000 crore deposits and 4,000 employees has been secured. Venkatachalam said: "We welcome that decision. But the role of the Reserve <keyword id="6355303" type="DOMAIN" weightage="20" keywordseo="bank-of-india">Bank of India</keyword>'s (<keyword id="30067" type="COMPANY" weightage="20" keywordseo="RBI">RBI</keyword>) directors on the board of LVB should also be probed." P. Ramanujam, a retired Deputy General Manager of Dena Bank, told IANS: "After every board meeting of a bank, the RBI's nominee directors have to submit a report to the central bank on the happenings in the board meeting. The RBI nominees on LVB board must have filed their reports. It has to be seen what they had filed." On November 17, the government, acting on the RBI's application, has placed the LVB under moratorium for a period of 30 days to protect the interest of LVB depositors. In parallel, the RBI, in consultation with the government, superseded the Board of Directors of the LVB and appointed an Administrator to protect the depositors' interest. The RBI's decision was opposed by many as it did not seek other suitors for LVB through an open bid though a couple of private banks showed interest. As per the draft amalgamation scheme, the RBI has said that on and from the appointed date, the entire amount of the paid-up share capital and reserves and surplus, including the balances in share/securities premium account of the transferor bank (LVB), shall stand written off. On and from the appointed date, the transferor bank shall cease to exist by operation of the scheme, and its shares or debentures listed in any stock exchange shall stand delisted without any further action from the transferor bank, transferee bank (DBS Bank India) or order from any authority. As result, the shareholders of LVB will not get anything as sale consideration.

Banking union head demands that RBI nominees on LVB board should also be held liable

Advocating proper valuation of <keyword id="135860" type="COMPANY" weightage="20" keywordseo="Lakshmi-Vilas-Bank">Lakshmi Vilas Bank</keyword> (LVB), its promoter has said that Singapore-based DBS Bank was willing to acquire 50 per cent stake in the 94-year-old Karur-based LVB in 2018 at over Rs 100 per share. He said the RBI should have called for bids from interested parties. The Reserve Bank of India (RBI) is now offering the 563 branches (many branches, head office, corporate office-owned building) LVB and other real estate free of cost to <keyword id="234309" type="COMPANY" weightage="20" keywordseo="DBS-Bank-India">DBS Bank India</keyword> Ltd, a subsidiary of DBS Bank, Singapore. "Logically, the RBI should have called for bids from interested parties. Or, if it wanted to give LVB to only DBS Bank India, it could have asked it to talk with the former to give their valuation," KR Pradeep, LVB promoter, told IANS. "If loss-making units are to be palmed off for free, then Air India, power utilities, state transport corporations, and other public sector undertakings could also be given free to the interested parties," he added. "In 2018, we had appointed JP Morgan for LVB's capital raising programme. At that point in time, all the financial ratios were positive for the bank. All the provisions made then were also known to the RBI and others." According to Pradeep, about 15 large investors showed interest to invest in LVB. "But DBS Bank and JP Morgan met RBI officials. DBS Bank said it was willing to acquire 50 per cent stake in LVB and the investment will be about Rs 3,500 crore," Pradeep said. "However, the RBI said DBS has to dilute its stakes to 15 per cent in 10 years but the DBS Bank was not agreeable; the deal process did not progress further," Pradeep said. On Tuesday, the RBI announced its decision to amalgamate the LVB with the DBS Bank India. As per the draft amalgamation scheme, the RBI has said taht on and from the appointed date, the entire amount of the paid-up share capital and reserves and surplus, including the balances in share/securities premium account of the transferor bank (LVB), shall stand written off. On and from the appointed date, the transferor bank shall cease to exist by operation of the scheme, and its shares or debentures listed in any stock exchange shall stand delisted without any further action from the transferor bank, transferee bank (DBS Bank India) or order from any authority. According to him, LVB owns its corporate office in Chennai, head office in Karur, several branches and residential apartments in several cities, including Mumbai and land parcels. "We have built strong rooms in over 100 branches. As a result, we can do gold loan business safely to the tune of Rs 20,000 crore. Many non-banking finance companies (NBFC) do not have proper strong rooms," Pradeep added. According to him, the immovable assets easily would be valued at about Rs 400 crore. "The bank's net worth is not in negative. Further, the written-off loans will be about Rs 600 crore and even if 25 per cent of that are recovered, it is a bumper bonus for the buyer," Pradeep said. "There is a strong case of valuing the bank in a proper manner. With its decision to give LVB free of cost to the DBS Bank India, all private entities are at risk now," he remarked. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/mumbais-massive-power-cut-last-month-may-have-been-the-work-of-hackers/articleshow/79318282.cms">Mumbai’s massive power cut last month may have been the work of hackers</a> <a href="https://www.businessinsider.in/stock-market/news/vodafone-idea-shares-jump-after-selling-stake-in-indus-towers-for-3760-crore/articleshow/79316662.cms">Vodafone Idea soars nearly 5% on fund infusion from Indus Towers stake sale</a> <a href="https://www.businessinsider.in/tech/apps/news/pubg-mobile-india-was-supposed-to-launch-today/articleshow/79315462.cms">PUBG Mobile India was rumoured to launch today — but there is no official update from the company</a>

Lakshmi Vilas Bank promoter believes the RBI should've called for bids from interested parties other than DBS Bank for merger

A day ahead of its merger with the Indian arm of Singapore-based DBS Bank, the debt-ridden <keyword id="135860" type="COMPANY" weightage="20" keywordseo="Lakshmi-Vilas-Bank">Lakshmi Vilas Bank</keyword> (LVB) on Thursday has written off <keyword id="10011638" type="UNKNOWN" weightage="20" keywordseo="bonds-worth-rs">bonds worth Rs</keyword> 318.20 crore as per the existing provisions. As per the effective date of merger notified by <keyword id="102024" type="COMPANY" weightage="20" keywordseo="The-Reserve-Bank-of-India">the Reserve Bank of India</keyword> (RBI) on Wednesday, LVB will lose its identity on Friday as it amalgamates with <keyword id="10337816" type="COMPANY" weightage="20" keywordseo="dbs-bank-india-ltd-">DBS Bank India Ltd.</keyword> The RBI, vide their letter on Thursday, has advised the need to fully write down the Series VIII, Series IX and Series X Basel-III complaint tier-2 bonds before the amalgamation comes into effect from the appointed date (November 27), LVB said in one of its last communications to stock exchanges. "If the relevant authorities decide to reconstitute the bank or amalgamate the bank with any other bank under the Section 45 of the Banking Regulation Act, such a bank shall be deemed as non-viable and both the pre-specified trigger and the trigger at the point of the point of non-viability for write-down of bonds shall be activated. "Accordingly, the bonds shall be written off before amalgamation or reconstitution in accordance with applicable rules," according to the terms of the information memorandum of the respective Basel-III Tier-2 bonds issued by the bank. In the light of above provision, such Basel-III Tier-2 bonds would need to be fully written down before amalgamation of the bank comes into effect, LVB said quoting Thursday's letter from the RBI. On Wednesday, the RBI notified the effective date of merger of November 27 soon after the Union Cabinet headed by Prime Minister Narendra Modi approved the Scheme of Amalgamation of LVB with DBS Bank India Ltd (DBIL). The RBI had superseded LVB's board on November 17 after the private sector lender was placed under a 30-day moratorium restricting cash withdrawals at Rs 25,000 per depositor. The RBI simultaneously placed in public domain a draft scheme of amalgamation of LVB with DBIL. Started by a group of seven businessmen of Karur in Tamil Nadu under the leadership of V S N Ramalinga Chettiar in 1926, LVB has 566 branches and 973 ATMs spread across 19 states and Union Territories. With non-performing assets (NPAs) soaring, the bank was put under the prompt corrective action framework of the Reserve <keyword id="6355303" type="DOMAIN" weightage="20" keywordseo="bank-of-india">Bank of India</keyword> (RBI) in September 2019. LVB is the second private sector bank after Yes Bank that has run into rough weather this year. In March, capital-starved Yes Bank was placed under a moratorium. The government rescued Yes Bank by asking State Bank of India (SBI) to infuse Rs 7,250 crore and take 45 per cent stake in the lender. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/checkout-top-electric-cars-price-from-delhi-mumbai-chennai-bengaluru-kolkata/articleshow/79429631.cms" data-type="tilCustomLink">From Tata Nexon EV and MG ZS EV to Hyundai Kona Electric — here’s how much top electric cars cost in India</a> <a href="https://www.businessinsider.in/science/news/astrazeneca-will-likely-re-test-its-covid-19-vaccine-ceo-says-after-admitting-an-error-in-the-first-trial-that-may-have-skewed-results/articleshow/79434619.cms" data-type="tilCustomLink">AstraZeneca will likely retest its COVID-19 vaccine, CEO says after admitting an error in the first trial that may have skewed results</a>

LVB-DBS India merger: RBI directs Lakshmi Vilas Bank to write off tier-2 bonds worth nearly ₹320 crore

<ul><li>At 7:42 am, the SGX Nifty was down 0.34%, indicating a tepid start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to open in negative territory on Wednesday, on the back of subdued cues from the global peers. At 7:42 am, the SGX Nifty was down 0.34%, indicating a tepid start for Nifty50. US stocks slipped on Tuesday, with the S&amp;P 500 and the Dow Jones industrial average trading lower after closing at record highs on Monday, as traders baulk at spiking virus cases. The Dow Jones Industrial Average closed 167 points lower, and the S&amp;P 500 was down 0.48%. These are the stocks to watch out for during the trading session today: Lakshmi Vilas Bank On Tuesday evening, the government placed Lakshmi Vilas Bank under a one-month moratorium, superseded its board and capped withdrawals at ₹25,000 per depositor. The step was taken by the government, on the advice of the Reserve Bank, in view of the declining financial health of the private sector lender. Meanwhile, the RBI has also placed in the public domain a draft scheme of amalgamation of Lakshmi Vilas Bank (LVB) with DBS Bank. The shares of Lakshmi Vilas Bank ended 0.32% lower on Tuesday. DLF DLF gets listed on Dow Jones Sustainability Indices (DJSI), becoming the only Indian realty firm to be included in the DJSI index. The index recognised DLF based on its record for its governance, social and environmental initiatives. DJSI Emerging Markets Index in 2020 recognised 100 companies across industries in emerging markets like China, Brazil, Hong Kong, Mexico, Chile, Thailand, Taiwan, Colombia, amongst others besides India. The shares of DLF ended 1.4% higher on Tuesday. Tata Steel HDFC Mutual Funds reduced its stake in Tata Steel from 5.02% to 2.96% on November 12. The shares of Tata Steel ended 6% higher on Tuesday. Oil and Natural Gas Corp ONGC has signed contracts for seven oil and gas blocks it had won in the latest bid round that saw scant participation from the private sector. The shares of ONGC ended 2% lower on Tuesday. IIFL Securities The board of IIFL Securities will meet on November 20 to consider the share buyback proposal. The shares of IIFL Securities ended 20% higher on Tuesday. PTC India Aditya Birla Sun Life Mutual Fund reduced its stake in PTC India from 5.46% to 3.42% on November 12. The shares of PTC India ended 1.3% higher on Tuesday. IRCTC The Indian Railways operator IRCTC cancelled running of two Tejas Express trains due to low occupancy levels owing to Covid-19. The shares of IRCTC India ended 1.04% lower on Tuesday. Just Dial In a BSE filing, Just Dial informed investors that the company is pursuing all legal remedies in the Court to counter the allegations filed by Indiamart Intermesh pertaining to the launch of its proposed B2B project – JD Mart. The company also said that JD Mart platform’s development is running as per the planned schedule, and the product demo is already available on the company’s platforms, which will be launched in due course of time after seeking legal recourse, as may be necessary. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/lakshmi-vilas-bank-under-moratorium-rbi-caps-maximum-deposit-or-withdrawal-at-25000/articleshow/79267116.cms" data-type="tilCustomLink">Lakshmi Vilas Bank under moratorium— RBI caps maximum deposit or withdrawal at ₹25,000</a> <a href="https://www.businessinsider.in/business/startups/news/urban-ladder-was-the-fourth-startup-from-vani-kola-kalaari-capital-portfolio-to-be-sold-to-reliance/articleshow/79264455.cms" data-type="tilCustomLink">Urban Ladder was the fourth startup from Kalaari Capital’s portfolio to be sold to Reliance – the investment firm’s MD is of the belief ‘selling does not mean sellout’</a>

Top stocks to watch — Lakshmi Vilas Bank, ​Just Dial, DLF, Tata Steel, ONGC, IIFL, IRCTC and others

<ul><li>At 7:45 am, the SGX Nifty was up 0.03%, indicating a flat start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to start on a tepid note today, led by mixed cues from the global markets. At 7:45 am, the SGX Nifty was up 0.03%, indicating a flat start for Nifty50. On Wednesday, the US stocks dipped from its record levels on disappointing economic data and soaring COVID-19 cases. The Dow Jones Industrial Average closed 174 points lower, and the S&amp;P 500 was down 0.16%. These are the stocks to watch out for during the trading session today: <keyword id="135860" type="COMPANY" weightage="20" keywordseo="Lakshmi-Vilas-Bank">Lakshmi Vilas Bank</keyword> The Reserve Bank of India said the amalgamation of Lakshmi Vilas Bank with DBS Bank India would come into force from November 27 and the moratorium imposed on the crisis-ridden lender will be removed on that day. The National Stock Exchange (NSE) will suspend trading on the shares of the Lakshmi Vilas Bank (LVB) with effect from today. The shares of Lakshmi Vilas Bank ended 5% higher on Wednesday. <keyword id="2607288" type="PERSON" weightage="20" keywordseo="Future-Consumer">Future Consumer</keyword> The recently appointed CEO of Future Consumer, Rajnikant Sabnavis, has resigned from his position. The shares of Future Consumer ended 5% higher on Wednesday. <keyword id="2053975" type="COMPANY" weightage="20" keywordseo="Laurus-Labs">Laurus Labs</keyword> Drug firm Laurus Labs announced that it had signed definitive agreements with the Eight Roads Ventures, VenturEast Proactive Fund, and VenturEast Life Fund III to acquire 72.55% stake in biotech firm Richcore Lifesciences for a cash consideration of ₹246.67 crore. The shares of Laurus Labs ended 1.64% lower on Wednesday. <keyword id="51925" type="CITY" weightage="20" keywordseo="Union-Bank">Union Bank</keyword> The board of the state-owned Union Bank of India board has approved raising upto ₹6,800 crore during this fiscal to fund business growth. The shares of Union Bank of India ended 3% higher on Wednesday. Fine Organic Industries Fine Organic Industries Limited informed the exchanges that it had commenced operations at its newly opened company facility in Maharashtra. The shares of Fine Organic Industries ended 2.38% lower on Wednesday. <keyword id="556475" type="COMPANY" weightage="20" keywordseo="Vakrangee">Vakrangee</keyword> Vakrangee has withdrawn the amalgamation of its subsidiaries Vakrangee Logistics Private and Vakrangee Finserve with Vakrangee Limited. The company said its amalgamation scheme is presently pending with NCLT to seek appropriate directions. Still, there have been substantial changes in the business environment in the last few months, and the management of the company is of the opinion that, considering the present scenario, it would not be prudent to proceed with proposed amalgamation. The shares of Vakrangee ended 2% higher on Wednesday. <keyword id="134114" type="CITY" weightage="20" keywordseo="Kesoram-Industries">Kesoram Industries</keyword> BK Birla Group flagship Kesoram Industries said its consortium of lenders had given their in-principle approval to a resolution plan to raise funds and restructure debts. The total debt of the company currently stands at over ₹2,000 crore. The shares of Kesoram Industries ended 6% higher on Wednesday. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/us-stocks-dip-from-record-levels-on-disappointing-economic-data-and-soaring-covid-19-cases/articleshow/79418413.cms" data-type="tilCustomLink">US stocks dip from record levels on disappointing economic data and soaring COVID-19 cases</a> <a href="https://www.businessinsider.in/sports/news/diego-maradona-one-of-the-greatest-stars-in-soccer-history-has-died-at-the-age-of-60/articleshow/79414628.cms" data-type="tilCustomLink">Diego Maradona, one of the greatest stars in soccer history, has died at the age of 60</a>

Top stocks to watch — Lakshmi Vilas Bank, Future Consumer, Laurus Labs, Union Bank, Vakrangee, Kesoram Industries, and others

<ul><li>The 30-share BSE index was trading 18 points higher, and the broader NSE Nifty was trading flat on Wednesday at 10:02 am. </li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian indices were trading flat on Wednesday after hitting a record high on Tuesday led by the losses in heavyweights HDFC, HUL, TCS and RIL. The 30-share BSE index was trading 18 points higher, and the broader NSE Nifty was trading flat on Wednesday at 10:02 am. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BPCL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Britannia </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nestle India </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HUL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Ports </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan </td></tr></tbody></table>*as of November 18, 10:00 am These are the top stocks in news today. Lakshmi Vilas Bank hits 20% lower circuit The shares of Lakshmi Vilas Bank were locked in a 20% lower circuit a day after the government placed the bank under a one-month moratorium and capped withdrawals at ₹25,000 per depositor. The step was taken by the government, on the advice of the Reserve Bank, in view of the declining financial health of the private sector lender. Meanwhile, the RBI has also placed in the public domain a draft scheme of amalgamation of Lakshmi Vilas Bank (LVB) with DBS Bank. DHFL locked in 5% upper circuit The shares of cash strapped Dewan Housing Finance Corp (DHFL) were locked in a 5% upper circuit <a href="https://www.livemint.com/companies/news/adani-surprise-sparks-new-auction-for-dhfl-11605571146578.html">after news reports surfaced</a> that lenders are likely to call for fresh bids as the Adani Group unexpectedly offered a higher price for the company’s assets. Wipro sheds 1% The shares of IT giant Wipro shed nearly a percent after its shareholders have approved its up to ₹9,500 crore share buyback plan. The board of directors had last month approved a buyback proposal for purchase of up to 23.75 crore equity shares at ₹400 per share, aggregating to an amount of up to ₹9,500 crore. Tata Motors shares soar ahead of Tata vs Mistry case hearing The shares of Tata Motors soared over 4% ahead of Tata vs Mistry case hearing scheduled today. Tata Motors also recorded a strong festive boost during the Diwali season. DLF opens 3% higher The shares of DLF soared 3% after the company was recognised to be listed on Dow Jones Sustainability Indices (DJSI), becoming the only Indian realty firm to be included in the DJSI index. The index recognised DLF based on its record for its governance, social and environmental initiatives. IIFL Securities up over 6% The shares of IIFL Securities gained over 6% after the company announced that its board would meet on November 20 to consider the share buyback proposal. Mahanagar Gas gains 3% The shares of Mahanagar Gas were up 3% after brokerages reiterated ‘buy’ rating for its stocks. CLSA has raised its target to ₹1,310 per share from ₹1,299 earlier. Nirmal Bang has set the target price at ₹1,072. SEE ALSO:<a href="https://www.businessinsider.in/business/news/indiamart-and-justdial-in-legal-battle-over-copyright-violations/articleshow/79275178.cms" data-type="tilCustomLink"> IndiaMart and JD Mart gear up for a legal battle over copyright infringement — even as Justdial calls IndiaMart’s allegations ‘baseless’</a> <a href="https://www.businessinsider.in/science/health/news/covid-19-vaccine-updates-and-news-india-in-talks-with-moderna-for-94-5-effected-covid-19-vaccine/articleshow/79255463.cms" data-type="tilCustomLink">COVID-19 vaccine latest updates: Sinovac’s CoronaVac safe, early trial results show that vaccine triggers immune response</a>

You Searched For "LVB moratorium" and got 11 results

Lakshmi Vilas Bank customers have withdrawn ₹10 crore since RBI's moratorium was announced last night

Prabhjote Gill

LVB moratorium: Shareholders may not get anything, key managerial personnel may lose job

IANS

Lakshmi Vilas Bank is the fifth financial firm to collapse in India within the last 30 months

Prabhjote Gill

Lakshmi Vilas Bank (LVB) is now amalgamated with DBS Bank India – fund infusion of ₹2,500 crore to follow

IANS

LVB-DBS Bank India merger approved by Union Cabinet — ‘those who have made mistakes will be punished’

Prabhjote Gill

Banking union head demands that RBI nominees on LVB board should also be held liable

IANS

Lakshmi Vilas Bank promoter believes the RBI should've called for bids from interested parties other than DBS Bank for merger

IANS

LVB-DBS India merger: RBI directs Lakshmi Vilas Bank to write off tier-2 bonds worth nearly ₹320 crore

PTI

Top stocks to watch — Lakshmi Vilas Bank, Just Dial, DLF, Tata Steel, ONGC, IIFL, IRCTC and others

Navdeep Yadav

Top stocks to watch — Lakshmi Vilas Bank, Future Consumer, Laurus Labs, Union Bank, Vakrangee, Kesoram Industries, and others

Navdeep Yadav

Top stock movers — Lakshmi Vilas Bank, Tata Motors, DHFL, Wipro, Mahanagar Gas, IIFL Securities, and others

Navdeep Yadav

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You Searched For "LVB moratorium" and got 11 results

Lakshmi Vilas Bank customers have withdrawn ₹10 crore since RBI's moratorium was announced last night

Prabhjote Gill

LVB moratorium: Shareholders may not get anything, key managerial personnel may lose job

IANS

Lakshmi Vilas Bank is the fifth financial firm to collapse in India within the last 30 months

Prabhjote Gill

Lakshmi Vilas Bank (LVB) is now amalgamated with DBS Bank India – fund infusion of ₹2,500 crore to follow

IANS

LVB-DBS Bank India merger approved by Union Cabinet — ‘those who have made mistakes will be punished’

Prabhjote Gill

Banking union head demands that RBI nominees on LVB board should also be held liable

IANS

Lakshmi Vilas Bank promoter believes the RBI should've called for bids from interested parties other than DBS Bank for merger

IANS

LVB-DBS India merger: RBI directs Lakshmi Vilas Bank to write off tier-2 bonds worth nearly ₹320 crore

PTI

Top stocks to watch — Lakshmi Vilas Bank, ​Just Dial, DLF, Tata Steel, ONGC, IIFL, IRCTC and others

Navdeep Yadav

Top stocks to watch — Lakshmi Vilas Bank, Future Consumer, Laurus Labs, Union Bank, Vakrangee, Kesoram Industries, and others

Navdeep Yadav

Top stock movers — Lakshmi Vilas Bank, Tata Motors, DHFL, Wipro, Mahanagar Gas, IIFL Securities, and others

Navdeep Yadav

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Top stocks to watch — Lakshmi Vilas Bank, Just Dial, DLF, Tata Steel, ONGC, IIFL, IRCTC and others