DBS Bank India Limited (DBIL), on Friday, said it has received capital infusion of ₹2,500 crore from DBS Bank Limited, Singapore.
This would help support the India franchise following the amalgamation of Lakshmi Vilas Bank (LVB) with DBIL, the bank said in a statement.
The scheme of amalgamation between LVB and DBIL came into effect on November 27.
“DBIL is well-capitalised, and its capital adequacy ratios (CAR) remains above regulatory requirements after the amalgamation,” it further said, adding that the amalgamation provides stability and better prospects to LVB’s depositors, customers and employees following a period of uncertainty.
The two banks are working to integrate LVB’s systems and network into DBS over the coming months
“Once the integration is complete, customers will be able to access a wider range of products and services, including access to the full suite of DBS digital banking services,” said DBIL.
In an earlier statement, DBIL had said the interest rates on savings bank accounts and fixed deposits are governed by the rates offered by the erstwhile LVB till further notice.