Bad loans prompt India sanction bank seeking merger

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Bad loans prompt India sanction bank seeking merger
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Lakshmi Villas Bank has bad loans,insufficient capital to absorb risks. FMTNews

Lakshmi Vilas Bank would be brought under prompt corrective action to improve performance.

The Reserve Bank of India cited its high level of bad loans and insufficient capital to absorb risks, it said. Chief executive officer Parthasarathi Mukherjee suddenly left in August for personal reasons, about seven months after his term was extended for two years. An Indian court and the police are poised to begin

 

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