RBI imposes moratorium on Lakshmi Vilas Bank, limits withdrawal amount to ₹25000

In the latest breaking news, Reserve Bank of India has imposed a moratorium on Lakshmi Vilas Bank. The period of moratorium is of 30 days, while the withdrawal limit is going to be ₹ 25000. This comes in like a sudden twist as Lakshmi Vilas Bank is part of the merger in DSB Bank and the second bank to face moratorium after PMC Bank. The move was announced through an order issued by the Ministry of Finance, The Reserve Bank of India after consulting with the Central Government. The RBI has also superseded the current position of Bank in the finance market.