RBI puts Lakhsmi Vilas Bank under PCA framework | Editorji
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RBI puts Lakhsmi Vilas Bank under PCA framework

Sep 29, 2019 19:02 IST

The Reserve Bank of India on Saturday placed Lakshmi Vilas Bank under prompt corrective action (PCA) framework citing high exposure to bad loans and weak capital activity. The move came a day after the Economic Offences Wing (EoW) filed an FIR against the bank and Singh brothers alleging financial misconduct of Religare Finvest's fixed deposits in the bank worth ₹800 crore. The restrictions also came at a time when the CCI had cleared the merger of the bank with Indiabulls Housing Finance and the bank was awaiting regulatory approvals.