- The moratorium is applied for a period of 1 month.
- RBI has put a restriction of Rs 25,000 on withdrawals from the bank, due to serious deterioration in lender’s financial position.
- Also, the RBI has superseded the BODs of LVB for 1 month. For this, RBI has appointed T N Manoharan as Administrator of LVB.
- This moratorium is imposed under section 45 of the Banking Regulation Act,1949.
- Also, RBI has released a draft describing a scheme of amalgamation for LVB with DBS Bank India Ltd.
- The central bank aims to complete this merger process before the moratorium period ends.
- Static Part:
- HQ of RBI: Mumbai
- Governor of RBI: Shaktikanta Das.
- Deputy Governors of RBI: BP Kanungo, MK Jain, MD Patra and Rajeshwar Rao.
- HQ of LVB: Chennai, Tamil Nadu
Question:
Q.1 Recently, RBI has imposed moratorium of 1 month on which of the following bank?
a. Dhanlaxmi Bank
b. City Union Bank
c. Karur Vyasa Bank
d. Lakshmi Vilas Bank (LVB)
a. Dhanlaxmi Bank
b. City Union Bank
c. Karur Vyasa Bank
d. Lakshmi Vilas Bank (LVB)