Government mandates merger of Laxmi Vilas Bank with DBIL

Lakshmi_Vilas_Bank

On Wednesday, The Union Cabinet held a meeting after which, Union Minister Prakash Javadekar gave a press conference and informed about the important decisions taken by the Cabinet. Javadekar said that the Union Cabinet has approved the proposal for merger of the troubled Lakshmi Vilas Bank with DBIL (Development Bank India Limited). Javadekar informed that the RBI (Reserve Bank of India) had proposed the merger of Lakshmi Vilas Bank with DBIL (Development Bank India Limited). This will provide relief to about 20.5 lakh depositors of the troubled bank. Significantly, jobs…

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