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 (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.
First Published: IST