 "Lakshmi Vilas Bank")
CARE Ratings on Friday revised its rating of Lakshmi Vilas Bank (LVB) from "BB-" Negative to "BB-" under credit watch with developing implications.
The development comes after the government imposed a moratorium on LVB after considering an application filed by the RBI.
RBl's action comes against the backdrop of deterioration in the financial risk profile of the bank with weakened capitalisation levels and in the absence of a credible revival plan. The RBI has superseded the board of directors of the bank and appointed T N Manoharan, former non-executive chairman of Canara bank, as the administrator and on November 17,
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