Govt approves merger of Lakshmi Vilas Bank with DBS India | Business – Times of India Videos

The union cabinet on Wednesday approved the merger of crisis-hit Lakshmi Vilas Bank with DBS Bank India Ltd. The government also removed restrictions on withdrawal of deposits by depositors. Union minister Prakash Javadekar told reporters about the decision taken by the union government, adding the decision will provide comfort to 20 lakh depositors and protect the services of 4,000 employees. The step was taken on the advice of the Reserve Bank of India, in view of the declining financial health of the private sector lender.