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Explained: The turmoil at Lakshmi Vilas Bank

Updated : September 28, 2020 06:40 PM IST

Lakshmi Vilas Bank recently saw a dramatic turn of events where its own shareholders voted against the appointment of seven of its independent directors, including the MD & CEO of the bank. This has made a bad situation worse, given that the bank is already in a fragile financial state.

RBI and other stakeholders will have to act fast, if they want to protect depositors, and the financial ecosystem. CNBC-TV18's Ritu Singh brings you up to speed with what's happened so far.
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