NEW DELHI: CEO of Lakshmi Vilas Bank Mr. Parthasarathi Mukherjee has resigned from his post on Wednesday. The Reserve Bank of India is yet to decide on Indiabulls Housing Finance's plan to merge with Lakshmi Vilas Bank. This is believed to be the reason behind his resignation.
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In a notice sent to the stock exchanges late in the evening, the bank said that Mukherjee has decided to step down citing personal reasons. Earlier, Mukherjee was with Axis Bank. He joined the Tamil Nadu-based bank in 2015. He was given a two-year extension in January this year. The LVB had announced the collaboration with Indiabulls Housing Finance with the city headquarters in April.
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All eyes are on the deal as Indiabulls is linked to the realty sector. The Reserve Bank has been hesitant to allow units belonging to the realty sector to the banking sector. The deal has received all other necessary clearances but the matter remains stuck with the Reserve Bank. The RBI has announced a large amount of to money the government.
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