RBI scraps proposed merger of Lakshmi Vilas bank with Indiabulls Housing Finance
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The Reserve Bank of India has dismissed the proposed merger of Lakshmi Vilas Bank with Indiabulls Housing Finance, the bank said in a stock exchange filing. The bank had sought approval from RBI on May 7, 2019. Last month, Lakshmi Vilas bank was been put under Prompt Corruptive Action due to high level of bad loans, lack of sufficient capital to manage risks and a negative return on assets for 2 consecutive years.