DBS India Ltd which was a amalgamation of Lakshmi Vilas Bank and DBS put forward by RBI to revive the insolvent LVB has now started functioning. The interest rates on savings bank account are same as offered by LVB previously, until DBS India Ltd takes further action.The scheme of amalgamation is under the special powers of the Government of India and Reserve Bank of India under Section 45 of the Banking Regulation Act, 1949, India, and came into effect on 27 November 2020.
