India's RBI says not yet approved Lakshmi Vilas-Indiabulls Housing merger

FILE PHOTO: The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai, India, February 2, 2016. REUTERS/Danish Siddiqui/File photo

India’s central bank said it has not yet approved a merger proposal of private-sector lender Lakshmi Vilas Bank Ltd and Indiabulls Housing Finance Ltd.

Responding to media speculation that the presence of two nominee directors of the Reserve Bank of India (RBI) on the board of Lakshmi Vilas Bank implies RBI’s indirect approval of the deal, the central bank said the deal does not have its approval at this stage.

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