The Bank said today that the trading in its equity shares will be withdrawn (delisted) with effect from December 18, 2020 pursuant to a gazette notification dated November 25, issued by Department of Financial Services, Ministry of Finance.
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The Lakshmi Vilas Bank was amalgamated with DBS Bank India last month after the order from RBI.
The Bank was not able to Perform better due to mounting pressure caused by a spike in NPAs and losses, so to help the struggling bank RBI announced the merger.
It may be noted, the scheme of amalgamation (LVB with DBS Bank India) was implemented under the special powers of the Government of India and RBI under Section 45 of the Banking Regulation Act, 1949, India.
The decision to merge the two banks was taken in order to provide immediate stability to Lakshmi Vilas Bank and was in the best interest of its depositors.
However, shareholders and bondholders of the Bank moved court against the amalgamation.
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