The central government on Tuesday placed Tamil Nadu-based private sector lender Lakshmi Vilas Bank under a moratorium, capping withdrawals from its customers’ accounts at ₹ 25,000 a month, the Ministry of Finance said in a statement. However, depositors will be allowed to withdraw more than ₹ 25,000 with permission from the Reserve Bank of India for purposes such as medical treatment, payment of higher education and marriage expenses, the ministry said.
The government took the step on the Reserve Bank of India’s advice in view of the bank’s deteriorating financial health.
In a separate statement, the RBI said that in the absence of a credible revival plan, there was no alternative but to apply to the central government for imposing a moratorium under Section 45 of the Banking Regulation Act, 1949, in order to protect the interest of its depositors and to ensure financial and banking stability.
Lakshmi Vilas Bank shares ended 1 per cent lower at ₹ 15.50 apiece on the BSE earlier today.
Lakshmi Vilas Bank, which needed capital urgently due to its worsening asset quality, has been scrambling to find a buyer for the past one year. It was reportedly in talks with Clix Capital for capital infusion and a possible merger.
The troubles for the bank started in 2019 when the RBI rejected a proposal for its merger with shadow lender Indiabulls Housing Finance.
Last month, Laksmi Vilas Bank founder, KR Pradeep, told news agency Bloomberg that there was no liquidity problem in it. He said they had a liquidity coverage ratio of 260 per cent as against the required 80 per cent.
In September, the central bank had appointed a three-member committee, under banker Meeta Makhan, to run the cash-strapped private sector lender, after its shareholders voted out seven of its directors.
To catch up to WhatsApp, Signal adds custom wallpapers and animated stickers.
Signal enjoyed an unexpected uptick in users following WhatsApp’s recent privacy blunder. In an effort to capitalize on its rising popularity, Signal has started testing features that make the messaging platform feel a little friendlier.
Earlier this month, Signal announced a handful of new features that would be coming to the platform, including chat wallpapers and animated stickers. As promised, these two features are now available in the beta version of the app, making it feel more like WhatsApp than ever before.
Android Police got its hands on both new features, sharing screenshots of what chat wallpapers look like. You can change your chat wallpaper in Signal by going to Settings > Appearance > Chat wallpaper. You can also change the wallpaper of an individual chat by tapping the person’s name in the top bar and looking for the chat wallpaper option.
There are a total of 21 chat wallpapers to choose from, including 12 solid colors and 9 gradient colors. Android Police said you can also choose a photo from your phone’s camera roll for extra personalization. Before, Signal featured only white and black backgrounds depending on if dark mode was enabled on your device.
Android Police also provides a quick preview of Signal’s new animated stickers—something the platform has dabbled with in the past. There’s a new Day by Day sticker pack that contains 24 animated stickers to help liven up your conversation. The art is by Miguel Angel Camprubí.
Finally, Signal appears to be adding a simple About section for users’ profiles. Users will have the opportunity to choose an emoji and also add a short description of themselves. It’s a simple way to share some of your personality before even having a conversation. Apparently, Signal users can save several blurbs and switch between them on the fly, essentially making them status updates.
If you’re on iOS, Signal said it also plans to add media auto-download settings and full-screen profile photos, the latter of which is already available on Android.
These new additions to Signal appear to be in the beta version of the app for now. Hopefully, testing goes smoothly so they can be added to the stable build. Once that rolls out, we’ll be sure to let you know.