Business Today
Lakshmi Vilas Bank to continue fund raising after RBI rejects merger with Indiabulls Housing Finance

In a regulatory filing on Thursday, Lakshmi Vilas Bank said the bank acknowledges the Apex bank's decision of not approving the amalgamation with Indiabulls Housing Finance Ltd

Lakshmi Vilas Bank to continue fund raising after RBI rejects merger with Indiabulls Housing Finance

The bank commenced branch expansion outside Tamil Nadu in 1974, and currently has 571 branches and 1,045 ATM networks across the country

Private sector Lakshmi Vilas Bank on Thursday said Reserve Bank of India's decision not to approve the amalgamation with Indiabulls Housing Finance Ltd has put an end to the uncertainty over the proposed merger, and the lender would continue fund raising.

In a regulatory filing on Thursday, Lakshmi Vilas Bank said the bank acknowledges the decision of Apex bank.

The decision taken by the RBI brings to an end the uncertainty and the financial institution would continue to raise capital as per the permitted modes in compliance with all applicable Acts and Regulations, Lakshmi Vilas bank (LVB) said in a BSE filing. LVB said with a legacy of more than nine decades, its deposit book was close to Rs 26,000 crore and it had served three generation of clients.

".. we are committed towards growth and creating value to our stakeholders," it said.

Noting that it began its journey in 1926, the bank said it witnessed a lot of business cycles 'punctuated with booms and recession."

"LVB continues to stand resilient and stronger as always. The bank was an early adopter of technology during 1980s towards providing prompt customer service," it said.

The bank commenced branch expansion outside Tamil Nadu in 1974, and currently has 571 branches and 1,045 ATM networks across the country.

Shares of the bank were trading at Rs 25.65 apiece downby 5 per cent over previous close in BSE.

Gems, jewellery exports decline 7% to $12.4 billion in April-August

Govt sets up committee to look into GST revenue shortfall

Get latest news & live updates on the go on your phone with our News App. Download The Business Today news app on your device
More from BIZ WRAP