November 18, 2020 4:36:59 pm
T N Manoharan, the RBI-appointed administrator of Lakshmi Vilas Financial institution, on Wednesday stated that depositors’ cash is protected and expressed confidence of finishing the lender’s merger with DBS Financial institution India inside the deadline set by the regulator.
On Tuesday, the Reserve Financial institution of India (RBI) appointed former non-executive chairman of Canara Financial institution T N Manoharan because the administrator of Lakshmi Vilas Financial institution after superseding the board of the crippled personal sector lender.
A moratorium has been imposed on the financial institution and money withdrawals have been capped at Rs 25,000 per account.
Speaking to reporters, Manoharan stated that he was assured of the well timed merger of the financial institution with DBS Financial institution India earlier than the December 16 deadline.
He stated that his prime precedence is to guarantee depositors that their cash is protected and that the financial institution has sufficient liquidity to pay again the depositors.
Lakshmi Vilas Financial institution has Rs 20,000 crore in deposits and Rs 17,000 crore in advances.
RBI will problem the ultimate merger draft on November 20.
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