Customers of erstwhile Lakshmi Vilas Bank (LVB), now owned by DBS Bank India Ltd, have been asked to continue using their existing accounts and other facilities
Earlier last month, the RBI placed crisis-ridden LVB under a moratorium and announced its merger with DBIL.
Customers of erstwhile Lakshmi Vilas Bank (LVB), now owned by DBS Bank India Ltd, have been asked to continue using their existing accounts and other facilities, while the lender’s website and logo now bear the DBS name alongside. In a notification on LVB’s website, customers have been informed that they can continue to use their existing bank accounts, debit cards and cheque books seamlessly for transactions pan-India as earlier.
Besides, the LVB IFSC and MICR codes remain unchanged till further notice, as per the Reserve Bank’s directives. The physical branches of LVB can also be seen with the tweaked logo and the tagline – ‘Now part of DBS Bank India Limited’.
The ‘Shareholder Info’ section of the LVB website too has been removed, with a message saying: “It seems that the page you were trying to reach doesn’t exist anymore, or maybe it has just moved.” The future course of action regarding LVB’s name change and logo is not yet decided, an official said.
Earlier last month, the RBI placed crisis-ridden LVB under a moratorium and announced its merger with DBIL. The scheme of amalgamation came into effect from November 27, 2020, wherein the Indian arm of Singapore-based DBS Bank acquired the bank for Rs 2,500 crore.
DBS is a leading financial services group in Asia and is present across 18 countries. It is doing business in India since 1994 and converted its operations to a wholly-owned subsidiary (DBS Bank India Limited) in March 2019. Last week, DBIL said it has received capital infusion of Rs 2,500 crore from DBS Bank Limited, Singapore, for the merger.
“DBS Bank India Limited (DBIL) is well-capitalised, and its capital adequacy ratios (CAR) remains above regulatory requirements after the amalgamation. The amalgamation provides stability and better prospects to LVB’s depositors, customers and employees following a period of uncertainty,” DBIL had said.
Once the integration is complete, customers will be able to access a wider range of products and services, including access to the full suite of DBS digital banking services, it had added.