Money & Banking

No instruction from RBI to prepare for takeover of Lakshmi Vilas Bank: PNB

Our Bureau Mumbai | Updated on September 30, 2020 Published on September 30, 2020

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

“It is clarified that the bank has not received any such instruction from RBI,” Punjab National Bank said in a regulatory filing.

Troubled Lakshmi Vilas Bank has been facing headwinds after shareholders rejected the appointment of seven directors and statutory auditors. The RBI then 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.

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Published on September 30, 2020
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