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Supersession of the Board of Directors - Appointment of Administrator The Lakshmi Vilas Bank Ltd In exercise of the powers conferred under Sub-section (1) of Section 36 A C A of the Banking Regulation Act 1949, the Reserve Bank has, in consultation with Central Government,superseded the Board of Directorsof The Lakshmi Vilas Bank Ltd. for a period of 30 days owing to serious deterioration in the financial position of the bank. This has been done to protect the depositors interest. Shri T. N.
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FAQ :
The Board of Directors has been superseded due to a serious deterioration in the bank's financial position.
Shri T. N. Manoharan, former Non-Executive Chairman of Canara Bank, has been appointed as the Administrator.
The Board of Directors has been superseded for a period of 30 days.
The action has been taken to protect the depositors' interest.
The Reserve Bank of India acted under Sub-section (1) of Section 36 A C A of the Banking Regulation Act 1949.
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