{"id":239307,"date":"2020-11-18T09:43:35","date_gmt":"2020-11-18T04:13:35","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=239307"},"modified":"2020-11-18T09:46:59","modified_gmt":"2020-11-18T04:16:59","slug":"moratorium-central-government-places-lakshmi-vilas-bank-under-moratorium-for-30-days-in-the-absence-of-a-credible-revival-plan","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/11\/18\/moratorium-central-government-places-lakshmi-vilas-bank-under-moratorium-for-30-days-in-the-absence-of-a-credible-revival-plan\/","title":{"rendered":"[Moratorium] Central Government places Lakshmi Vilas Bank under Moratorium for 30-days in the absence of a credible revival plan"},"content":{"rendered":"

BACKGROUND<\/span><\/h4>\n

The financial position of The Lakshmi Vilas Bank Ltd. (the bank) has undergone a steady decline with the bank incurring continuous losses over the last three years, eroding its net-worth. <\/span><\/p>\n

In absence of any viable strategic plan, declining advances and mounting non-performing assets (NPAs), the losses are expected to continue. The bank has not been able to raise adequate capital to address issues around its negative net-worth and continuing losses. Further, the bank is also experiencing the continuous withdrawal of deposits and low levels of liquidity. It has also experienced serious governance issues and practices in recent years which have led to the deterioration in its performance. The bank was placed under the Prompt Corrective Action (PCA) framework in September 2019 considering the breach of PCA thresholds as on March 31, 2019.<\/p>\n

REVIVAL EFFORTS<\/span><\/h4>\n

The Reserve Bank had been continually engaging with the bank\u2019s management to find ways to augment the capital funds to comply with the capital adequacy norms. The bank management had indicated to the Reserve Bank that it was in talks with certain investors. However, it failed to submit any concrete proposal to Reserve Bank and the bank\u2019s efforts to enhance its capital through the amalgamation of a Non-Banking Financial Company (NBFC) with itself appears to have reached a dead end. As such, the bank-led efforts through market mechanisms have not fructified. As bank-led and market-led revival efforts are a preferred option over a regulatory resolution, the Reserve Bank had made all possible efforts to facilitate such a process and gave enough opportunities to the bank\u2019s management to draw up a credible revival plan, or an amalgamation scheme, which did not materialise. In the meantime, the bank was facing regular outflow of liquidity.<\/p>\n

MORATORIUM<\/span><\/h4>\n

After taking into consideration these developments, the Reserve Bank has come to the conclusion that in the absence of a credible revival plan, with a view to protecting depositors\u2019 interest and in the interest of financial and banking stability, there is no alternative but to apply to the Central Government for imposing a moratorium under Section 45 of the Banking Regulation Act, 1949. Accordingly, after considering the Reserve Bank\u2019s request, the Central Government has imposed moratorium<\/a> for thirty days effective.<\/p>\n

ASSURANCE TO THE DEPOSITORS<\/span><\/h4>\n

The Reserve Bank assures the depositors of the bank that their interest will be fully protected and there is no need to panic. In terms of the provisions of the Banking Regulation Act, the Reserve Bank has drawn up a scheme for the bank\u2019s amalgamation with another banking company. With the approval of the Central Government, the Reserve Bank will endeavour to put the Scheme in place well before the expiry of the moratorium and thereby ensure that the depositors are not put to undue hardship or inconvenience for a period of time longer than what is absolutely necessary.<\/p>\n

The Reserve Bank has also issued certain\u00a0directions<\/a>\u00a0to the bank under section 35 A of the Act ibid.<\/p>\n

\n

Reserve Bank of India<\/strong><\/p>\n

[Dt. 17-11-2020]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

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the Scheme for the amalgamation of the Lakshmi Vilas Bank Ltd. with DBS Bank India Ltd. The amalgamation came into force on the Appointed date i.e. November 27, 2020. Customers, including depositors of the Lakshmi Vilas Bank Ltd. will be able to operate their accounts\u2026","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":239677,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/11\/26\/cabinet-approves-scheme-of-amalgamation-of-lakshmi-vilas-bank-with-dbs-bank-india-limited\/","url_meta":{"origin":239307,"position":1},"title":"Cabinet approves Scheme of Amalgamation of Lakshmi Vilas Bank with DBS Bank India Limited","author":"Bhumika Indulia","date":"November 26, 2020","format":false,"excerpt":"Scheme of Amalgamation The Union Cabinet has given its approval to the Scheme of Amalgamation of Lakshmi Vilas Bank Limited (LVB) with DBS Bank India Limited (DBIL). On 17.11.2020, to protect depositors' interest and in the interest of financial and banking stability, on RBI's application under section 45 of the\u2026","rel":"","context":"In "Cabinet Decisions"","block_context":{"text":"Cabinet Decisions","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/cabinet_decisions\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":239331,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/11\/18\/lakshmi-vilas-bank-rbi-announces-draft-scheme-of-amalgamation\/","url_meta":{"origin":239307,"position":2},"title":"Lakshmi Vilas Bank: RBI announces Draft Scheme of Amalgamation","author":"Bhumika Indulia","date":"November 18, 2020","format":false,"excerpt":"The Reserve Bank of India has placed in the public domain a draft scheme of amalgamation\u00a0of The Lakshmi Vilas Bank Ltd. (LVB) with DBS Bank India Ltd. (DBIL), a banking company incorporated in India under Companies Act, 2013, and having its Registered Office at New Delhi. DBIL is a wholly-owned\u2026","rel":"","context":"In "Business News"","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":226608,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/06\/rbi-yes-bank-ltd-placed-under-moratorium\/","url_meta":{"origin":239307,"position":3},"title":"RBI | Yes Bank Ltd. placed under Moratorium","author":"Bhumika Indulia","date":"March 6, 2020","format":false,"excerpt":"The financial position of Yes Bank Ltd. (the bank) has undergone a steady decline largely due to inability of the bank to raise capital to address potential loan losses and resultant downgrades, triggering the invocation of bond covenants by investors, and withdrawal of deposits. The bank has also experienced serious\u2026","rel":"","context":"In "Business News"","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":227027,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/14\/central-govt-notifies-yes-bank-ltd-reconstruction-scheme-2020\/","url_meta":{"origin":239307,"position":4},"title":"Central Govt. notifies — Yes Bank Ltd. Reconstruction Scheme, 2020","author":"Bhumika Indulia","date":"March 14, 2020","format":false,"excerpt":"G.S.R. 174(E).\u2014Whereas, the Yes Bank Limited is a banking company registered under the Companies Act, 1956 (1 of 1956) and carrying on the business of banking in India; And whereas, the rapidly deteriorating financial position of the Yes Bank Limited relating to liquidity, capital and other critical parameters, and the\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":230656,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/06\/09\/rbis-press-statement-regarding-moratorium-on-term-loans-the-way-forward\/","url_meta":{"origin":239307,"position":5},"title":"RBI\u2019s Press Statement regarding Moratorium on Term Loans — The Way Forward","author":"Bhumika Indulia","date":"June 9, 2020","format":false,"excerpt":"by Arjun Harkauli*","rel":"","context":"In "Op Eds"","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/239307","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=239307"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/239307\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/108541"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=239307"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=239307"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=239307"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}