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Reserve Bank of India Date :Nov 17, 2020 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of Section 36 A C A of the Banking Regulation Act 1949, the Reserve Bank has, in consultation with Central Government,superseded the Board of Directorsof The Lakshmi Vilas Bank Ltd.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
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FAQ :
The Board of Directors has been superseded due to a serious deterioration in the bank's financial position.
The Reserve Bank of India, in consultation with the Central Government, has appointed the administrator.
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The Board of Directors has been superseded for a period of 30 days.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' interests.
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Notification No : 2020-2021/646Published in Community & General
Source : https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50673