CURRENT AFFAIRS

Detailed explanation-1: -Detailed Solution. The correct answer is Lakshmi Vilas Bank. The Reserve Bank of India (RBI) had excluded Lakshmi Vilas Bank (LVB) from the Second Schedule of the RBI Act after it was merged with DBS Bank India Ltd (DBIL) in 2020.

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: -All banks which are included in the Second Schedule to the Reserve Bank of India Act, 1934 are Scheduled Banks. These banks comprise Scheduled Commercial Banks and Scheduled Co-operative Banks.

Detailed explanation-4: -Scheduled banks are banks that are listed in the 2nd schedule of the Reserve Bank of India Act, 1934. The bank’s paid-up capital and raised funds must be at least Rs5 lakh to qualify as a scheduled bank. Scheduled banks are liable for low-interest loans from the Reserve Bank of India and membership in clearinghouses.