2020
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Canara Bank
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DBS Bank India Ltd
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Punjab & Sind Bank
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Dena Bank
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Detailed explanation-1: -The Reserve Bank of India on Wednesday said the merger of Lakshmi Vilas Bank with DBS Bank India will come into force from 27 November.
Detailed explanation-2: -Lakshmi Vilas Bank (LVB) was merged with DBS Bank in November 2020, following the amalgamation with DBIL due to which the IFSC & MICR codes of all branches of erstwhile LVB have changed.
Detailed explanation-3: -The merger will give it access to LVB’s 570 branches in 16 states and three Union Territories. So, to set up such a large bank network, it would have taken a long time for DBS. As the bank was trying to expand its presence all over India, the merger was a great opportunity.
Detailed explanation-4: -Minority shareholders of the erstwhile Lakshmi Vilas Bank (LVB) have got a breather with the Supreme Court of India accepting their plea to transfer all cases pertaining to the bank’s merger with DBS Bank of India - a subsidiary of DBS Bank, Singapore - to Madras High Court.