Lakshmi Vilas Bank excluded from Second Schedule of the RBI Act: What does it mean?
Lakshmi Vilas Bank excluded from Second Schedule of the RBI Act: What does it mean?
The banking regulator Reserve Bank of India (RBI) said it has excluded Lakshmi Vilas Bank (LVB) from the Second Schedule of the RBI Act. This was after LVB merged with DBS Bank India.
RBI stated, âWe advise that the âLakshmi Vilas Bank Ltdâ has been excluded from the Second Schedule to the Reserve Bank of India Act, 1934 with effect from November 27, 2020 vide Notification DOR.PSBD.No.1849/16.01.067/2020-21 dated December 17, 2020, which is published in the Gazette of India (Part III - Section 4) dated January 16 â January 22, 2021.â