DBS Bank India said on Monday that all banking services will be available to Lakshmi Vilas Bank (LVB) customers. Crisis Lakshmi Vilas Bank has been merged with DBS Bank India. However, on the merger, DBS Bank India said that currently there is no change in interest rates on savings accounts and fixed deposits (FD) for Lakshmi Vilas Bank customers.
The merger became effective from November 27
DBS Bank India said in a statement that Laxmi Vilas Bank’s DBS Group Holdings Ltd. The wholly owned subsidiary of DBS Bank India has merged. The government and the Reserve Bank have merged LVB into DBS Bank India under special rights under Section 45 of the Banking Regulation Act, 1949. The merger took effect from 27 November.
No change in interest rates
The merger has brought relief to depositors, customers and employees of Lakshmi Vilas Bank after a period of uncertainty. The ban on Laxmi Vilas Bank has also been lifted from November 27. With this, the operations of all branches, digital mediums and ATMs have become normal. DBS Bank India said that all banking services will continue to be served to Lakshmi Vilas Bank customers. They will get the same interest on savings accounts and FDs till the next notice, which was given by the erstwhile Lakshmi Vilas Bank.
All employees of Lakshmi Vilas Bank will now be employees of DBS
All the employees of Lakshmi Vilas Bank will now be employees of DBS Bank India. The service conditions for them will remain the same, which were applicable at Laxmi Vilas Bank. The Indian unit of Singapore’s DBS Group has stated that it is working with partners of LVB to integrate Laxmi Vilas Bank’s systems and networks with DBS. This integration will be completed in the next few months. Surjeet Shom, chief executive officer of DBS Bank India, said, “The merger of LVB will provide stability to its customers and employees.” This will also increase the number of our customers. Also, we will have access to those cities where we do not have a presence yet.
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