Case Brief
The Reserve Bank of India, in consultation with the Central Government, superseded the Board of Directors of The Lakshmi Vilas Bank Ltd. under Section 36A of the Banking Regulation Act, 1949 for 30 days. RBI said the step was necessary because of serious deterioration in the bank's financial position and was intended to protect depositors' interests. Shri T. N. Manoharan was appointed as Administrator under the Act.
Action Snapshot
- Primary Impact
- Board supersession
- Entity Type
- Bank
- Action Type
- Board supersession
- Order Date