Lakshmi Vilas Bank Ltd Excluded from the Second Schedule to the Reserve Bank of India Act, 1934

Lakshmi Vilas Bank Ltd Excluded from the Second Schedule to the Reserve Bank of India Act, 1934

• The Reserve Bank of India (RBI) has excluded Lakshmi Vilas Bank from the Second Schedule of the Reserve Bank of India Act, 1934 with effect from November 27, 2020.
• The move was taken after the crisis-ridden Lakshmi Vilas Bank was merged with DBS Bank India Ltd (DBIL) on 27 November 2020.
• A bank mentioned in the Second Schedule of the Reserve Bank of India Act is known as ‘Scheduled Commercial Bank’.

Points to Remember:

1. RBI has excluded Lakshmi Vilas Bank from the Second Schedule of the Reserve Bank of India Act, 1934 with effect from which date?
2. Which schedule of the RBI Act gives ‘Scheduled Commercial Bank’ status to the Indian banks?
3. Lakshmi Vilas Bank has been merged with which bank?