DBS Bank to acquire Lakshmi Vilas.

DBS Bank, an Indian bank, offered to acquire Lakshmi Vilas, a banking company. Financial terms were not disclosed. Lakshmi Vilas has been looking for a buyer since last year and the RBI last year rejected a proposal for it to merge with shadow lender Indiabulls Housing Finance "The rapidly deteriorating financial position of Lakshmi Vilas Bank relating to liquidity, capital and other critical parameters, and the absence of any credible plan for infusion of capital has necessitated Reserve Bank of India to take immediate action in public interest and particularly in the interest of the depositors," Reserve Bank of India.