Moratorium On Lakshmi Vilas Bank: How Can You Keep Your Money Safe?
The RBI has imposed a moratorium on Lakshmi Vilas Bank and drafted a scheme for a merger. A cap of Rs. 25,000 has been put on all withdrawals. However, the RBI has assured depositors of the bank that their interest will be protected. This is the third such bank to be placed under moratorium after PMC and Yes Bank. On FYI, we look at what this means for depositors, why this happens and what boxes you should check while choosing a bank.
