Lakshmi Vilas Bank branches to operate as DBS Bank from today

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All the branches of Lakshmi Vilas Bank (LVB) will start functioning as branches of Indian arm of Singapore-based DBS Bank from today, leading to removal of all restrictions, including withdrawal cap of 25,000, which the RBI had placed on the lender earlier this month. The RBI on Wednesday notified the effective date of merger soon after the Union Cabinet headed by Prime Minister Narendra Modi approved the Scheme of Amalgamation of LVB with DBS Bank India Ltd (DBIL).

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