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DBS Bank is a leading global bank that acquired Lakshmi Vilas Bank in 2020. Find out how the amalgamation affects your personal or corporate banking needs and explore DBS Bank's awards, presence and services.
Lakshmi Vilas Bank was an Indian private sector bank established in 1926 in Karur, Tamil Nadu. As of November 2020, the bank had 566 branches in 19 states and 1 union territory. [4] On 27 November 2020, the bank was merged into the Indian subsidiary of DBS Bank.
LVB customers can access all banking services as usual after the amalgamation, which provides stability and better prospects. DBS Bank India is a leading financial services group in Asia with a presence in 18 markets and a mobile-only bank, digibank.
Nov 25, 2020 · Kolkata: The cabinet approved DBS India’s plan to take over capital-starved Lakshmi Vilas Bank (LVB), paving the way for the first such rescue by a foreign lender. The merger takes effect November 27, when the bar on withdrawals by LVB depositors will be lifted.
Dec 1, 2020 · Lakshmi Vilas Bank (LVB) is now amalgamated with DBS Bank India Limited (DBIL), the wholly-owned subsidiary of DBS Group Holdings Ltd. The scheme of amalgamation is under the special powers of the Government of India and Reserve Bank of India under Section 45 of the Banking Regulation Act, 1949, India, and came into effect on 27 November 2020.
Nov 25, 2020 · The Government of India has today sanctioned the Scheme for the amalgamation of the Lakshmi Vilas Bank Ltd. with DBS Bank India Ltd. The amalgamation will come into force on the Appointed date i.e. November 27, 2020.
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Nov 27, 2020 · Tamil Nadu-based Lakshmi Vilas Bank (LVB) with pre-independence lineage on Friday lost its identity after its merger with the Indian subsidiary of Singapore’s DBS Bank.
