The Chennai-based Lakshmi Vilas Bank has been placed under moratorium till December 16 by the Reserve Bank of India, following an order from the central government.
The Chennai-based Lakshmi Vilas Bank has been placed under moratorium till December 16 by the Reserve Bank of India, following an order from the central government. The moratorium announcement and limit on cash withdrawals has come as a shock to its customers. Talking about this, CP Krishnan, joint secretary of the Bank Employees Federation of India, told NewsClick, "This crisis could have been avoided early if the government had intervened promptly and avoided the corporate lending policies. The Bank Employees Federation of India expects the government to stop privatising the public sector banks, instead, it should stand for the employees and the common man.''