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‘RBI spurned DBS offer to buy 50% of LVB in 2018’

K.R. Pradeep, the single largest promoter of the crippled Lakshmi Vilas Bank with a 4.8% shareholding, said that Singapore’s DBS had been keen to acquire 50% stake in the lender for a high valuation in 2018 but that the Reserve Bank of India (RBI) did not allow the deal to go through.With RBI superseding Lakshmi Vilas Bank’s board and mooting its merger with DBS Bank India earlier this week, Mr. Pradeep also said he was confident that the central bank would be ‘kind enough to listen to all the shareholders and promoters, and will not let them go empty-handed’.Currently,

News source ~ The Hindu