Parthasarathi Mukherjee, Managing Director & Chief Executive Officer of Lakshmi Vilas Bank (LVB) has put in his papers citing personal reasons.

Mukherjee's resignation comes at a time when the Reserve Bank of India is considering a proposal of merger of Indiabulls Housing Finance with LVB.

His resignation letter was placed before the Board in the Meeting held on Wednesday and the Board has accepted the same, the Bank said in a stock exchange notice.

The notice said Mukherjee will be relieved from his services at the closing hours on Saturday, 31st August 2019 as per his request.

LVB, in early April 2019, said its board has considered and approved the proposed scheme of amalgamation between Indiabulls Housing Finance Ltd (IBHFL) and LVB, subject to approval of the regulator, various complying bodies and the shareholders.

As per the scheme, LVB’s shareholders will get 14 shares of Indiabulls Housing Finance for every 100 shares held in bank.

The Bank then said the merged entity's net worth will be Rs 19,472 crore, with 14,302 employees and a loan book of Rs 1.23 lakh crore.