LVB Gets RBI Approval for ‘Committee of Directors’ to Manage the Bank

CHENNAI:
On 28th September 2020, the Reserve Bank of India (RBI) has approved that, day-to- day affair of Lakshmi Vilas Bank will be run by a Committee of Directors (CoD) composed of three independent directors. This CoD will exercise the discretionary powers of MD & CEO in the ad-interim and is composed of:

1. Meeta Makhan – Chairperson of the Committee of Directors
2. Shakti Sinha – Member
3. Satish Kumar Kalra – Member

With Liquidity Coverage Ratio (LCR) of about 262% as on 27th September 2020, against minimum 100 % required by RBI, the deposit-holders, bond-holders, account-holders and creditors are well safe guarded. Lakshmi Vilas Bank will continue to share information on the developments in public domain as and when they materialise, and as required by applicable law.