Government mandates merger of Laxmi Vilas Bank with DBIL


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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Yes bank will be saved by SBI

Yes Bank and SBI

Reserve Bank of India (RBI) has launched “Yes Bank Ltd. Reconstruction Scheme, 2020″, to save Yes bank from defaulting and shutting down. RBI will be supervising the rescue scheme. As a part of the scheme, State Bank of India (SBI) will be purchasing 7.25 billion equity shares of Yes Bank at Rs. 10 each, subject to the approval by SEBI and other regulatory bodies. The purchase of the shares has been approved by the executive committee of the board of SBI. The stake of SBI in Yes bank will remain…

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