CPI objects to LVB merger with DBS Bank, asks what's the tearing hurry

Party General Secy D Rajan wants the ailing lender to be merged with a PSU bank instead, says this has been done in many cases in the past

Communist Party of India (CPI) General Secretary D Raja today voiced his opinion against proposed Lakshmi Vilas Bank (LVB) merger with DBS Bank India.

“Why (there is) such a hurry is not clear to anyone. The government should thoroughly enquire into the matter and stop the handing over of LVB to DBS Bank,” Raja asserted.

Lakshmi Vilas Bank, the 94-year-old Tamil Nadu-based private lender, has been making losses for the past few years due to mismanagement and bad loans given to known defaulters such as Jet Airways, Religare, Cox and Kings, Coffee Day, Nirav Modi and Reliance Housing Finance. Instead of taking