Mumbai: As per the plan of Cabinet, Lakshmi Vilas Bank, which has been in operation for 94 years, is no more. Lakshmi Vilas Bank accounts will be shifted to DBS and will resume operations from Friday as usual. The imposed moratorium and restrictions on investors withdrawing money have also been removed.
As on September 30, Lakshmi Vilas Bank had deposits of Rs 20,973 crore and loans of Rs 16,622 crore. As 4,063 crore has become unpaid debts, the cabinet has decided to merge the bank to DBS.