This 94-year old bank's logo, website bears a new look: Check out details

The physical branches of 94-year-old Bank can also be seen with the tweaked logo and the tagline - 'Now part of DBS Bank India Limited'.

Representational Image/PIXABAY

New Delhi: Lakshmi Vilas Bank (LVB) which is now owned by DBS Bank India Ltd dons a new look on its website and logo. The bank's website and logo now bears the DBS name alongside.

In a notification on LVB's website, customers have been informed that they can continue to use their existing bank accounts, debit cards and cheque books seamlessly for transactions pan-India as earlier. It may be noted that LVB's IFSC and MICR codes will remain unchanged till further notice, as per the Reserve Bank's directives.

The physical branches of 94-year-old Lakshmi Vilas Bank can also be seen with the tweaked logo and the tagline - 'Now part of DBS Bank India Limited'.

The 'Shareholder Info' section of the LVB website too has been removed, with a message saying: "It seems that the page you were trying to reach doesn't exist anymore, or maybe it has just moved."

Earlier last month, the RBI placed the crisis-ridden LVB under a moratorium and announced its merger with DBIL. Last week, DBIL said it has received capital infusion of Rs 2,500 crore from DBS Bank Limited, Singapore, for the merger.

Crisis-hit Lakshmi Vilas Bank (LVB) merged into the Indian arm of Singapore-based DBS Bank on November 27, leading to removal of all restrictions, including withdrawal cap of Rs 25,000, and end of moratorium period, which the RBI had placed on the lender.

The RBI had superseded LVB's board on November 17 after the private sector lender was placed under a moratorium.

On November 17, to protect depositors' interest and in the interest of financial and banking stability, on RBI's application under section 45 of the Banking Regulation Act, 1949, Lakshmi Vilas Bank had been put under moratorium for a period of 30 days. During the a one-month moratorium, period the government had capped withdrawals at Rs 25,000 per depositor.

DBIL is a banking company licenced by RBI and operating in India through wholly owned subsidiary model, DBIL has a strong balance-sheet, with strong capital support and it has the advantage of a strong parentage of DBS, a leading financial services group in Asia, with presence in 18 markets and headquartered and listed in Singapore. The combined balance-sheet of DBIL would remain healthy even after amalgamation and its branches would increase to 600.

With PTI Inputs