Mumbai, October 9: The Reserve Bank of India on Wednesday disapproved Lakshmi Vilas Bank Ltd's proposal of a merger with Indiabulls Housing Finance Ltd (IHFL). The information came to light after LVB made this announcement in a stock exchange filing. The merger plan was approved by private sector LVB's board in April and then submitted it to the central bank for approval on May 7, 2019.
Announcing the disapproval of RBI, LVB stated on Wednesday, as quoted by the Live Mint, "This is to inform that RBI vides their letter dated October 09, 2019, informed that the application for voluntary amalgamation of Indiabulls Housing Finance Ltd and Indiabulls Commercial Credit Ltd with Lakshmi Vilas Bank Ltd could not be approved." NPAs Cost Indian Banks, Rs 1.76 Lakh Crore Lost in 3 Years Due to Waiving Loans of Defaulters, Reveals RBI Report.
The report of disapproval by the RBI comes amid the economic crisis, which has gripped the banking ivals-events/april-20-2024-which-day-is-today-know-holidays-festivals-and-special-events-falling-on-todays-calendar-date-5850281.html" class="drop-thumb-link" title="April 20, 2024: Which Day Is Today? Know Holidays, Festivals and Special Events Falling on Today's Calendar Date">April 20, 2024: Which Day Is Today? Know Holidays, Festivals and Special Events Falling on Today's Calendar Date