New Delhi: Due to financial disturbances, RBI announced restrictions on Lakshmi Vilas Bank. In April this year, Indiabulls announced a merger with Lakshmi Vilas Bank. Indiabulls Housing Finance said the move by the Reserve Bank would have no effect on their merger plan. The Reserve Bank announced sanctions on private sector Laxmi Vilas Bank at the end of last month by taking prompt corrective actions. After this, there was a huge drop in the bank's shares on Monday. Indiabulls applied in May for approval to merge with Lakshmi Vilas Bank.
Gagan Banga, Vice President and Managing Director of Indiabulls spoke to investors about the latest situation. He said that Lakshmi Vilas Bank has been kept under the supervision of PCA. According to Banga, this is an opportunity for him. Under this, he will also be able to give the Reserve Bank a little more time to take a final decision on this from other regulators. Banga said that this is no end and he is very positive about the proposal of the merger. Gagan Banga said that Indiabulls would get a response from RBI by the end of October and the process is expected to be completed by the end of the current financial year if everything is positive.
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