October 9, 2019 / 2:37 PM / 7 days ago

India cenbank blocks Lakshmi Vilas-Indiabulls merger

BENGALURU, Oct 9 (Reuters) - Indian lender Lakshmi Vilas Bank Ltd said on Wednesday the central bank has not approved its merger with Indiabulls Housing Finance Ltd .

This comes days after the Reserve Bank of India initiated a so-called “prompt corrective action” on the lender due to high level of bad loans, lack of sufficient capital to manage risks and a negative return on assets for two consecutive years. (Reporting by Chandini Monnappa in Bengaluru; Editing by Shailesh Kuber)

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