India's central bank matchmakes troubled Lakshmi Vilas Bank with DBS, dowry of S$463 mil ready

India's central bank matchmakes troubled Lakshmi Vilas Bank with DBS, dowry of S$463 mil ready
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SINGAPORE (Nov 17): The Reserve Bank of India, the country’s central bank, has proposed that Lakshmi Vilas Bank, a troubled local lender, be amalgamated into DBS India.

The proposed scheme of amalgamation is wielded under the special powers of the Government of India and RBI under Section 45 of the Banking Regulation Act, 1949.

In a statement on Tuesday, RBI notes “the rapidly deteriorating financial position” of Lakshmi Vilas Bank in terms of...(click on link for full story on theedgesingapore.com)