Rs 25K withdrawal cap placed in Lakshmi Vilas Bank

The Central government on Tuesday brought Lakshmi Vilas Bank under moratorium for 30 days, and restricted withdrawals by depositors to Rs 25,000 each.

The Centre issued the moratorium notification under Section 45 (2) of the Banking Regulation Act, 1949. The moratorium came into effect from 6 p.m. on Tuesday and will be in place up to December 16, 2020.