RBI unveils a draft plan for amalgamation of PMC Bank

RBI unveils a draft plan for amalgamation of PMC Bank

NS Reserve Bank of India (RBI) Unveiled a draft plan for amalgamation Punjab and Maharashtra Co-operative (PMC) Bank with Delhi based Unity Small Finance Bank Limited (USFB). Unity Small Finance Bank is a joint venture between Centrum Group and BharatPe. It has started operations as a small finance bank with effect from November 1, 2021. As per the draft scheme of amalgamation, the acquisition of PMC Bank’s assets and liabilities including deposits by Unity will provide greater security. depositor

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Suggestions and objections to the draft scheme are open till December 10, 2021. PMC Bank Ltd., located in Mumbai, Maharashtra, was placed under all inclusive instructions under sub-section (1) of section 35-A read with section 56 of the Banking Act. Regulation (BR) Act, 1949 on September 23, 2019 due to fraud, which led to a steep fall in its net worth. The RBI’s plan also states that 80 per cent of the outstanding balance for institutional depositors will be converted into outstanding non-cumulative preference shares (PNCPS), with a dividend of one per cent annually.

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RBI unveils a draft plan for amalgamation of PMC Bank_60.1

RBI unveils a draft plan for amalgamation of PMC Bank_70.1

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