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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 (LVB) have withdrawn ₹10 crore since the Reserve Bank of India (RBI) announced a moratorium on transactions yesterday evening.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Customers of Lakshmi Vilas Bank (LVB) have withdrawn ₹10 crore since the Reserve Bank of India (RBI) placed it under moratorium yesterday evening.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

<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’

<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>

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Lakshmi Vilas Bank customers have withdrawn ₹10 crore since RBI's moratorium was announced last night

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

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

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