Lakshmi Vilas Bank put under moratorium : Bulletin: Business Today
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Lakshmi Vilas Bank put under moratorium

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Shailendra Shukla | November 18, 2020

Indian students pumped $7.6 billion to US economy in 2019-20

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Lakshmi Vilas Bank put under moratorium; withdrawals capped at Rs 25,000 till Dec 16

Lakshmi Vilas Bank has been put under moratorium by the Reserve Bank of India (RBI) for 30 days, effective from 6:00 pm on November 17 till December 16. The action has been taken by the central bank on the basis of sub-section (2) of section 45 of the Banking Regulation Act, 1949. Under the moratorium, RBI has restricted withdrawals at Rs 25,000. Depositors with more than one account will be allowed to withdraw only Rs 25,000 from all their accounts. Depositors with dues payable to the bank will receive the mandated amount after their dues are deducted.

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