RBI says LVB-Indiabulls Housing Fin merger proposal to be examined according to norms; no approval as yet.
A day after the board of Lakshmi Vilas Bank (LVB) approved the merger of the private sector lender with Indiabulls Housing Finance (IBH) through a share swap deal, the Reserve Bank of India clarified that the presence of its two nominee directors on the bank’s board does not imply approval of the proposal.
The central bank, in a late evening statement on Saturday, said: “It is clarified that the merger announcement does not have any approval of RBI at this stage. It is also clarified that presence of additional directors nominated by the RBI on the board of LVB does not imply any approval of the RBI of the merger proposal.”
Moreover, the additional directors have clearly mentioned at the meeting that they have no view on the proposal, it added. The proposals, … Read More