KOCHI - India's central bank has proposed a scheme to merge the ailing Lakshmi Vilas Bank with DBS Bank.
It incurred a loss of around $150 million in the 12 months to March 31. Its net worth has also shrunk while unpaid loans have increased. "It didn't modernise fast enough... its old hands didn't step down as directors to infuse fresh capital and ideas even as the bank deteriorated." The central bank imposed a one-month moratorium on LVB on Tuesday , capped deposit withdrawals at 25,000 rupees and unveiled the proposed merger with DBS soon after.
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disaster!!!!