RBI issues draft scheme for takeover of PMC Bank by Unity Small Finance Bank
Mumbai Nov 22 PTI The Reserve Bank 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 USFBThe 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 saidThe USFB is being set up with a capital of about Rs 1100 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 licensingThe Reserve Bank said it would receive suggestions and objections on the draft scheme till 500 pm on December 10 Thereafter it will take a final view on the takeoverIt 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 PTI NKD CS BAL
Mumbai Nov 22 PTI The Reserve Bank 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 USFBThe 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 saidThe USFB is being set up with a capital of about Rs 1100 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 licensingThe Reserve Bank said it would receive suggestions and objections on the draft scheme till 500 pm on December 10 Thereafter it will take a final view on the takeoverIt 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 PTI NKD CS BAL
