Chennai-headquartered Lakshmi Vilas Bank (LVB) has been merged with DBS Bank India from November 27, 2020.
All LVB employees will continue in service and are now employees of DBS India on the same terms and conditions of service as under LVB.
In a press statement, DBS said tthe amalgamation provides stability and better prospects to LVB’s depositors, customers and employees following a period of uncertainty. The moratorium imposed on LVB was lifted from November 27 and banking services were restored immediately with all branches, digital channels and ATMs functioning as usual. LVB customers can continue to access all banking services.
Interest rates on savings bank accounts and fixed deposits are governed by the rates offered by the erstwhile LVB till further notice.
DBS said its team is working closely with LVB colleagues to integrate LVB’s systems and network into DBS over the coming months. Once the integration is complete, customers will be able to access a wider range of products and services, including access to the full suite of DBS digital banking services.
DBS will also inject SGD 463 million into DBS India to support the amalgamation and for future growth. This will be fully funded from DBS Group’s existing resources.
“The amalgamation of LVB has enabled us to provide stability to LVB’s depositors and employees. It also gives us access to a larger set of customers and cities where we do not currently have a presence," said Surojit Shome, CEO of DBS India.
"We look forward to working with our new colleagues towards being a strong banking partner to LVB’s clients.”