Lakshmi Vilas Bank was placed under a month-long moratorium on Tuesday and withdrawals were limited to 25,000 rupees. The ATMs and branches of Chennai-based Lakshmi Vilas Bank will soon start operating smoothly to deliver cash, and that is the bank’s first priority, LVB manager TN Manoharan told the media. He …
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NEW DELHI: Reserve Bank of India (RBI) settled Tuesday with cash trouble Lakshmi Vilas Bank (LVB) defaulted for a period of one month and withdrawals restricted to Rs 25,000 for depositors, due to the serious deterioration of the financial situation of the lender. In an official statement, the RBI said: …
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On Tuesday, the central government placed Tamil Nadu-based private sector lender Lakshmi Vilas Bank in default and limited the bank’s withdrawal to 25,000 rupees for one month, the Finance Ministry said in a statement. However, to cover the cost of medical treatment, the payment of higher education fees and the …
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