It emerged that the Reserve Bank of India (RBI) told the state-owned Punjab National Bank to prepare to take over Lakshmi Vilas Bank (LVB) in case the transaction proposed by the troubled lender with Clix Capital does not materialize. In addition to PNB, another public sector bank was asked to examine LVB’s books.
According to a senior PNB official, the bank was baffled by the RBI following the sudden turn of events last Friday, when the re-election of seven LVB directors was rejected by its shareholders. The RBI on Sunday approved a committee of directors to run the …
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First Posted: Tuesday, September 29, 2020 11:00 PM IST
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