96 pc PMC Bank depositors to be paid upfront Unity SFB
Mumbai Jan 27 PTI Unity Small Finance Bank which has taken over the failed cooperative lender PMC Bank on Thursday said all small depositors with under Rs 5 lakh of deposits — who form 96 per cent of the customer base — can take their entire money out now or keep it in the new bank and earn 7 per cent interest annually On January 25 the finance ministry had approved the merger of PMC Bank with Unity SFB protecting it from liquidation and bringing relief to all stakeholders Unity Small Finance Bank also said all the around 110branchesof the merged bank andover1100of its employees will operate under the new label now Unity SFB said it will repay the full principal amount due to all depositors as per the scheme of amalgamation and all the96 per cent of depositors who have uptoRs5 lakhs will be paid upfront subject to completion of the requirements as per Deposit Insurance and Credit Guarantee Corporation rules However those depositors who choose to retain their money with Unity SFB can earn 7 per cent annually Institutional depositors will receive preference shares worth 80 per cent of their deposits and equity share warrants for the remaining 20 per cent in lieu of their eligible deposit balances The warrants will be converted into equity shares at the time of Unitys IPO Unity Small Finance Bank began operations in November 2021 with shareholders capital of Rs 1100 and an asset based of over Rs 2400 crore The promoters — Centrum Group and digital payments player BharatPe — have committed a total capital infusion of up to Rs3000 crore It has an active customer base of over 2 lakh now PTI BEN ABM ABM
Mumbai Jan 27 PTI Unity Small Finance Bank which has taken over the failed cooperative lender PMC Bank on Thursday said all small depositors with under Rs 5 lakh of deposits — who form 96 per cent of the customer base — can take their entire money out now or keep it in the new bank and earn 7 per cent interest annually On January 25 the finance ministry had approved the merger of PMC Bank with Unity SFB protecting it from liquidation and bringing relief to all stakeholders Unity Small Finance Bank also said all the around 110branchesof the merged bank andover1100of its employees will operate under the new label now Unity SFB said it will repay the full principal amount due to all depositors as per the scheme of amalgamation and all the96 per cent of depositors who have uptoRs5 lakhs will be paid upfront subject to completion of the requirements as per Deposit Insurance and Credit Guarantee Corporation rules However those depositors who choose to retain their money with Unity SFB can earn 7 per cent annually Institutional depositors will receive preference shares worth 80 per cent of their deposits and equity share warrants for the remaining 20 per cent in lieu of their eligible deposit balances The warrants will be converted into equity shares at the time of Unitys IPO Unity Small Finance Bank began operations in November 2021 with shareholders capital of Rs 1100 and an asset based of over Rs 2400 crore The promoters — Centrum Group and digital payments player BharatPe — have committed a total capital infusion of up to Rs3000 crore It has an active customer base of over 2 lakh now PTI BEN ABM ABM
