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Business EYE NOVEMBER 20, 2020 | The Indian Eye 33

BUSINESS BRIEFS

Reliance Retail completes lakshmi Vilas Bank has

fund raise for 10.09 per enough liquidity to pay its

cent stake in company depositors: RBi

eliance Industries by the phenomenal interest rying to allay fears of Rs 17,325 crore in advances.
Limited and Reliance shown by investors in our busi- Lakshmi Vilas Bank’s The RBI on Tuesday unveiled
RRetail Ventures Lim- ness and look forward to work- T(LVB) customers, Re- a draft scheme to amalgam-
ited (RRVL) have completed ing with our partners to bene- serve Bank of India (RBI) ate private sector lender LVB
the current phase of partner fit from their experience and appointed administrator for with DBIL. The decision fol-
induction and fund raise ex- global connectivity.” Lakshmi Vilas Bank (LVB) lowed soon after the RBI im-
ercise for RRVL, a company TN Manoharan on Wednesday posed one-month moratori-
statement said here on Thurs- said he was confident about the um on the private lender and
day. “With our focus on new timely merger of the bank with capped deposit withdrawals at
It said, RRVL has re- DBS Bank of India (DBIL) and Rs 25,000.
ceived a cumulative subscrip- commerce, we are com- assured depositors that their The step was taken on the
tion amount of Rs 47,265 mitted to playing a trans- money was in safe hands. advice of the RBI in view of
crores from the following fi- formational role in the “I am confident about the the private sector bank’s de-
nancial partners and allotted timely merger of Lakshmi teriorating financial health.
69,27,81,234 equity shares to indian retail sector by em- Vilas Bank with DBS India The proposed amalgamation,
them. Isha Mukesh Ambani, powering millions of mer- following the 30-day morato- according to Manoharan, will
Director of Reliance Retail chants and micro, small rium imposed by the RBI for provide stability and better
Ventures Limited, said, smooth amalgamation of the prospects to LVB’s deposi-
“We are proud to have such and medium enterprises,” same,” Manoharan said. tors, customers and employ-
strong and reputed partners isha added. The LVB currently has Rs ees following a time of uncer-
in RRVL. We feel honoured 20,950 crore in deposits and tainty.

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