The Reserve Bank of India has rejected the merger proposal of Indiabulls Housing Finance and Lakshmi Vilas Bank. RBI has rejected the application for voluntary amalgamation of Indiabulls Housing Finance Ltd. and Indiabulls Commercial Credit Ltd. with the Lakshmi Vilas Bank Ltd.
The merger was crucial for Lakshmi Vilas Bank as it is now under the prompt corrective action framework of the RBI due to a high level of bad loans and insufficient capital.
Static/Current Takeaways Important For IBPS RRB PO Mains:
- Chairman of Indiabulls Group: Sameer Gehlaut.
Source: The Hindu