It is the greed of the present generation that they put all rules and regulations at the altar which leads to the failure of a close to 100 years old bank.
Lakshmi Vilas Bank has been placed under moratorium probably for the next 30 days and the limit which has been set for withdrawal is Rs 25000.
The existing investors need not panic as their interest with the principal is protected and transferred to DBS bank.
RBI should tighten more procedures such that no bank ever fails as investors panic leading to unnecessary suicides and tension in the mind of investors.
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