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RBI rejects proposed merger of Indiabulls with LVB

RBI rejects proposed merger of Indiabulls with LVB
NEW DELHI: The Reserve Bank of India (RBI) on Wednesday rejected the proposed merger of Indiabulls Housing Finance with Lakshmi Vilas Bank (LVB).
“…this is to inform that RBI vide their letter dated October 9, 2019, informed that the application for voluntary amalgamation of Indiabulls Housing Finance Limited and lndiabulls Commercial Credit Limited with the Lakshmi Vilas Bank cannot be approved,” the bank said in a stock exchange filing.
The bank had sought approval from the RBI on May 7, 2019.
Last month, the bank was placed under prompt corrective action (PCA) due to high level of bad loans, lack of sufficient capital to manage risks and negative return on assets for two consecutive years.

TimesofIndia

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