New Delhi: The Reserve Bank of India (RBI) appointed administrator for Lakshmi Vilas Bank TN Manoharan has said that the lender has enough liquidity to pay back its depositors.
Speaking to the media, Manoharan said that Lakshmi Vilas Bank has Rs 20,000 crore in deposits and Rs 17,000 crore in advances. He said that his top priority is to assure depositors that their money is safe and that the bank has enough liquidity to pay back the depositors.
He assured that the depositorsā money is safe and expressed confidence of completing its merger with DBS Bank India within the deadline set by the central bank.
Top priority is to assure LVB depositors that their money is safe, Manoharan stated while adding that he is confident of timely merger with DBS India. He further mentioned that the bank has Rs 20,000 crore in deposits and Rs 17,000 crore in advances.
The RBI on Tuesday had imposed a 30-day moratorium on struggling lender, superseded its board of directors and announced a draft scheme for the amalgamation of the bank with DBS Bank India, a subsidiary of DBS of Singapore. The moratorium will be effective upto 16 December, 2020, the central bank said in its statement.