pmc bank: the government approves the merger of PMC Bank with Unity Small Finance Bank

Notifying the proposed merger, the Center today announced that the branches of the Punjab and Maharashtra Co-operative Bank will operate as Unity Small Finance Bank branches from January 25, 2022.

“The merger will be effective from the date of notification of the scheme, i.e. 25 January 2022. All branches of PMC Bank will operate as branches of Unity Small Finance Bank Ltd. from this date. date”, read the circular on the official website of the Reserve Bank of India.

“The USFBL is taking the necessary steps to implement the provisions of the plan. The merger plan notified today contemplates the taking over of the assets and liabilities of PMC Bank, including deposits, by the USFBL in accordance with the provisions of the diet.” read further read it aloud.

In December, the central bank extended the restrictions on the Punjab and Maharashtra Cooperative (PMC) Bank for another three months until the end of March 2022, as all the necessary process on the draft repurchase scheme had not been completed. .

Unity SFB is the 12th small financial bank and opened its first branch in Mumbai on November 1, 2021 with over Rs 1,100 crore in equity, over 200,000 customers and an asset base of over Rs 2,400 crore Rs from existing credit activities of MSMEs and MFIs. of the Centrum group.

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