News > RBI excludes Lakshmi Vilas Bank from second schedule of RBI Act

RBI excludes Lakshmi Vilas Bank from second schedule of RBI Act

CNBC TV18 | 06/05/2021 04:52 PM | Click to read full article

The Reserve Bank of India (RBI) on Thursday said it has excluded Lakshmi Vilas Bank (LVB) from the Second Schedule of the RBI Act after it was merged with DBS Bank India Ltd (DBIL) last year.

The RBI had also superseded the board of the LVB and appointed T N Manoharan, former non-executive chairman of Canara Bank, as the administrator of the bank for 30 days. LVB is the second private sector bank after Yes Bank which has run into rough weather during this year.