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Denied nod for merger, LVB shifts focus to raise capital

In a press release on Thursday, LVB said it is assuring the best of services to its clients, while committing towards growth and creating value for its stakeholders.

By: ENS Economic Bureau | Chennai | Published: October 11, 2019 3:15:55 am
LVB with legacy of more than nine decades, a strong/loyal client base and a deposit book of close to Rs 26,000 crore has served three generations of clients.

A day after the Reserve Bank of India (RBI) turned down its move to merge with Indiabulls Housing Finance and lndiabulls Commercial Credit, Lakshmi Vilas Bank (LVB) on Thursday put up a brave front, saying it will continue to work towards raising capital as per permitted modes, in compliance with all applicable Acts and regulations.

In a press release on Thursday, LVB said it is assuring the best of services to its clients, while committing towards growth and creating value for its stakeholders.

LVB with legacy of more than nine decades, a strong/loyal client base and a deposit book of close to `26,000 crore has served three generations of clients.

The RBI has initiated the PCA against LVB taking into account its high net NPA. —FE

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