Will PNB take over Lakshmi Vilas Bank..

The Lakshmi Vilas Bank has been facing troubles after shareholders rejected the appointment of seven directors and statutory auditors. After which the RBI stepped in and approved that the day-to-day affairs of the lender would be run by a Committee of Directors (CoD) comprising three independent directors.

 

Earlier the Bank also tried to merge with the Indiabulls and another NBFC but did not get any nod from RBI.

 

Further, Punjab and National Bank said, it has not received any instructions from the Reserve Bank of India to get ready to take over Lakshmi Vilas Bank.

 

The Reserve bank of India has reportedly sought out Punjab national bank. Accordingly, the RBI told that the public sector bank to be ready to take over Lakshmi Vilas Bank in case the proposed deal with Clix Capital doesn’t materialize.