There is no need to panic, depositors’ money safe: LVB administrator

ATMs to be operational from today

The administrator for Lakshmi Vilas Bank (LVB), appointed by the Reserve Bank of India (RBI), assured depositors on Wednesday that the bank had enough liquidity and that he was confident the moratorium would be lifted by December 16 and that withdrawal limits would also go away by then.

“There is no need to panic, every single rupee of customers is safe,” administrator T N Manoharan said a day after the 94-year old private sector lender was put under moratorium and the RBI proposed to merge it with DBS Bank’s less than two-year-old India subsidiary.

“There is no cash crunch. ATMs will be operational from Thursday. Gradually everything is getting relaxed, the system is getting re-calibrated in order for customers to be able to withdraw by factoring in the cap, and is expected to be operational by Thursday,” said Manoharan. Priority was to help customers to be able to withdraw within the permissible limits of Rs 25,000 per month, he said.

LVB’s deposits marginally dropped to around Rs 20,050 crore as of Wednesday, from Rs 20,973 crore at the end of September. The deposits include Rs 6,070 crore of current account savings account balance and rest are term deposits…Read More

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