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Indian Economy - Understanding the basics of Indian economic system

09-May-21

Lakshmi Vilas Bank Ltd Excluded from the Second Schedule to the Reserve Bank of India Act, 1934

The Reserve Bank of India (RBI) has excluded Lakshmi Vilas Bank from the Second Schedule of the Reserve Bank of India Act, 1934 with effect from November 27, 2020.
The move was taken after the crisis-ridden Lakshmi Vilas Bank was merged with DBS Bank India Ltd (DBIL) on 27 November 2020.
A bank mentioned in the Second Schedule of the Reserve Bank of India Act is known as ‘Scheduled Commercial Bank’.

By: Rohit Middha

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