RBI appoints Ex-Canara Bank Chairman T.N. Manoharan as administrator of crisis ridden Lakshmi Vilas Bank
Mumbai : The RBI has announced supersession of the Board of Directors of Lakshmi Vilas Bank. RBI has also appointed T. N. Manoharan, former Non Executive Chairman of Canara Bank as the administrator of the crisis ridden bank.
“In exercise of the powers conferred under Sub-section (1) of Section 36 A C A of the Banking Regulation Act 1949, the Reserve Bank has, in consultation with Central Government, superseded the Board of Directors of The Lakshmi Vilas Bank Ltd. for a period of 30 days owing to serious deterioration in the financial position of the bank. This has been done to protect the depositors’ interest. T. N. Manoharan, former Non Executive Chairman of Canara Bank has been appointed as the Administrator under Sub-section (2) of Section 36 A C A of the Act” RBI said in a statement