Reconsider Cabinet decision on LVB in public interest : AIBEA to Nirmala

26-11-2020

Hyderabad, Nov 26 (UNI) All India Bank Employees Association (AIBEA) has appealed to Finance Minister Nirmala Sitharaman to review and reconsider in public interest, the Cabinet decision of approving the Reserve Bank of India 's proposal to hand over Lakshmi Vilas Bank (LVB) to DSS Bank India Limited, the subsidiary of DBS, Singapore.

'We learn with anguish that the Cabinet has approved to RBI’s proposal to hand over Lakshmi Vilas Bank to DBS Bank India Limited, the subsidiary of DBS, Singapore.

In this regard, we seek review and reconsideration of the decision in public interest,' AIBEA General Secretary Ch Venkatachalam said in a letter to Ms Sitharaman, a copy of which was e-mailed to UNI late last night.

He said the LVB is 94-year-old private lender and was running in profit for 90 years. Only for the past 3 years, the Bank has been incurring losses. And, it is well-known that these losses are attributable to some huge loans given to few well-known delinquent borrowers, Mr Venkatachalam added.