Saturday, January 16, 2021

Amalgamation of Lakshmi Vilas Bank with DBS Bank India Limited

Must read

Friends and family try to unravel this mystery in this teaser video of Amazon Prime Video’s The Family Man

MUMBAI, 13 January 2021. Amazon Prime Video today dropped a teaser video of the new season of the much-awaited...

&PrivéHD Presents The Academy Award-Winning Rags To Riches Story ‘Slumdog Millionaire’ As Part Of Privé Collection

Mumbai, January 13, 202. Winner of 8 Academy Awards®, including Best Picture of the Year and Best Director and a stellar cast...

AMAZON LAUNCHES ITS WORLDWIDE FIRST MOBILE-ONLY VIDEO PLAN IN INDIA

Mumbai, 13 January 2021.  Accelerating its efforts to increase access to high-quality entertainment for every Indian, Amazon today introduced...

“I enjoy playing characters with multiple shades and Tandav gave me an opportunity to portray exactly that,” Saif Ali Khan

Since the trailer launch of Tandav, people have been excited to watch the show. How excited are you for the show’s release?

Mumbai, December 01, 2020.

Lakshmi Vilas Bank (LVB) is now amalgamated with DBS Bank India Limited (DBIL), the wholly owned subsidiary of DBS Group Holdings Ltd. The scheme of amalgamation is under the special powers of the Government of India and Reserve Bank of India under Section 45 of the Banking Regulation Act, 1949, India, and came into effect on 27 November 2020.

The amalgamation provides stability and better prospects to LVB’s depositors, customers and employees following a period of uncertainty. The moratorium imposed on LVB was lifted from 27 November 2020 and banking services were restored immediately with all branches, digital channels and ATMs functioning as usual. LVB customers can continue to access all banking services. The interest rates on savings bank accounts and fixed deposits are governed by the rates offered by the erstwhile LVB till further notice. All LVB employees will continue in service and are now employees of DBIL on the same terms & conditions of service as under LVB.

The DBS team is working closely with LVB colleagues to integrate LVB’s systems and network into DBS over the coming months.  Once the integration is complete, customers will be able to access a wider range of products and services, including access to the full suite of DBS digital banking services which have won multiple global accolades.

DBS Bank India Limited (DBIL) is well-capitalised and its capital adequacy ratios (CAR) will remain above regulatory requirements even after the amalgamation.  Additionally, DBS Group will inject INR 2,500 crore (SGD 463 million) into DBIL to support the amalgamation and for future growth. This will be fully funded from DBS Group’s existing resources.

DBS has been in India since 1994 and converted its India operations to a wholly owned subsidiary (DBIL) in March 2019. DBS has been named by Forbes in its 2020 list of the World’s Best Banks. Based on a global survey of 40,000 banking customers, DBS was ranked #1 in India out of 29 domestic and international banks present in India.DBS has also been accorded the “Safest Bank in Asia” award by Global Finance, a leading New York based financial publication,  for twelve consecutive years from 2009 to 2020. 

Surojit Shome, CEO of DBS Bank India Limited, said, “The amalgamation of LVB has enabled us to provide stability to LVB’s depositors and employees. It also gives us access to a larger set of customers and cities where we do not currently have a presence. We look forward to working with our new colleagues towards being a strong banking partner to LVB’s clients.”

More articles

Latest article

HERO MOTOSPORTS RIDERS IN TOP-15 WITH ONLY ONE MORE STAGE TO GO IN 2021 DAKAR RALLY

Hero MotoSports Team Rally posted a steady performance in the penultimate stage of the Dakar Rally 2021. Both riders are now in...

Nippon Paint Launches Digital Colour Solutions ‘Paint Partner’

New Delhi, January 14, 2021. Nipsea Group Automotive Refinish business unit, part of the Nippon Paint Group, has announced...

JAGUAR LAND ROVER STARTS NEW RETAILER PARTNER IN BENGALURU

Bengaluru, 14thJanuary, 2021. Jaguar Land Rover India today announced the appointment of Shakti Auto Cars as its new Retailer...

Tata Motors Starts production of the new Safari

Mumbai, January 14, 2021. Tata Motors, India’s leading automotive brand, today formally unveiled the new avatar of the iconic...

JK Tyre’s subsidiary Cavendish Industries Ltd records- 30% growth in Sales

New Delhi, January, 2021. Cavendish Industries Ltd. (Cavendish), a subsidiary of JKTyre & Industries Ltd. has reported a record...
Live Updates COVID-19 CASES