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  4. RBI issues draft scheme for takeover of PMC Bank by Unity Small Finance Bank

RBI issues draft scheme for takeover of PMC Bank by Unity Small Finance Bank

The draft scheme of amalgamation envisages the takeover of the assets and liabilities of PMC Bank, including deposits, by the USFB, thus giving a greater degree of protection for the depositors, the Reserve Bank of India said.

PTI Edited by: PTI
Mumbai Published on: November 22, 2021 17:00 IST
RBI announces draft scheme for acquisition of PMC Bank by Unity Small Finance Bank
Image Source : FILE PHOTO/ PTI

RBI announces draft scheme for acquisition of PMC Bank by Unity Small Finance Bank

Highlights

  • The RBI would receive suggestions and objections on the draft scheme till 5.00 pm on December 10.
  • The USFB has commenced operations as a small finance bank with effect from November 1, 2021.

The Reserve Bank of India (RBI) on Monday came up with a draft scheme for the acquisition of Punjab and Maharashtra Cooperative (PMC) Bank by Delhi-based Unity Small Finance Bank (USFB).

The draft scheme of amalgamation envisages the takeover of the assets and liabilities of PMC Bank, including deposits, by the USFB, thus giving a greater degree of protection for the depositors, the Reserve Bank of India said.

The USFB is being set up with a capital of about Rs 1,100 crore as against the regulatory requirement of Rs 200 crore for the setting up of such a bank, as per the guidelines for on-tap licensing.

The Reserve Bank said it would receive suggestions and objections on the draft scheme till 5.00 pm on December 10. Thereafter, it will take a final view on the takeover.

It is to be noted that Unity Small Finance Bank Limited, a joint venture between Centrum Group and Bharatpe, has commenced operations as a small finance bank with effect from November 1, 2021. 

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