RBI releases draft plan for acquisition of PMC Bank by Unity Small

RBI releases draft plan for acquisition of PMC Bank by Unity Small

The Reserve Bank on Monday came out with a draft plan for the acquisition of Punjab and Maharashtra Co-operative (PMC) Bank by Delhi-based Unity Small Finance Bank (USFB).

The Reserve Bank of India said that the draft scheme of amalgamation envisages acquisition of assets and liabilities of PMC Bank, including deposits, by the USFB, thus providing greater protection to the depositors.

As per the on-tap licensing guidelines, 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 setting up such a bank.

The Reserve Bank said it would receive suggestions and objections on the draft plan by 5 pm on December 10. Thereafter, it will take a final view on the acquisition.

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

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is generated automatically from a syndicated feed.)

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