RBI rejects Indiabulls Housing & Lakshmi Vilas Bank merger deal

The proposed merger of private sector lender The Lakshmi Vilas Bank Ltd. with home financier Indiabulls Housing Finance Ltd. failed to receive approval from the Reserve Bank of India.

RBI vide their letter dated October 09, 2019, informed that the application for voluntary amalgamation of lndiabulls Housing Finance Limited and lndiabulls Commercial Credit Limited with The Lakshmi Vilas Bank Limited...cannot be approved.

The Indiabulls Housing Finance and Lakshmi Vilas Bank first proposed the merger earlier in April this year.