Banking Awareness

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Indian Economy - Understanding the basics of Indian economic system

Study Notes

18-Nov-20

RBI places Lakshmi Vilas Bank under moratorium

The Reserve Bank of India has placed The Lakshmi Vilas Bank Ltd. under Moratorium, which means that there will be certain restrictions on the bank regarding making payments to its customers and making investments/loans.
RBI has taken this step as the financial position of The Lakshmi Vilas Bank Ltd. has undergone a steady decline and it has incurred continuous losses over the last three years, eroding its net-worth.
The moratorium has been placed on LVB for 30 days starting November 17, 2020.
A customer who holds an account in LVB can withdraw a maximum of Rs 25,000 from his account till the time the bank is under moratorium.
Along with this, RBI has superseded the Board of Directors of The Lakshmi Vilas Bank Ltd. for a period of 30 days. Shri T. N. Manoharan, former Non Executive Chairman of Canara Bank has been appointed as the Administrator of LVB.
LVB Headquarters: Karur, Tamilnadu.

By: Rohit Middha

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