RBI issues a draught scheme for the takeover of PMC Bank by USFB

The Reserve Bank of India (RBI) on Monday, November 22,  released a draught proposal for the acquisition of the Punjab and Maharashtra Cooperative (PMC) Bank by the Unity Small Finance Bank of Delhi (USFB).

According to the RBI, the draught scheme of amalgamation envisages the USFB taking over the assets and liabilities of PMC Bank, including deposits, hence providing enhanced depositor protection. According to the criteria for on-tap licencing, the USFB will be established with a capital of around Rs.1,100 crore, compared to the statutory need of Rs.200 crore. The RBI said it will accept comments and objections on the proposed scheme through December 10 at 5:00 p.m. It will then make a final decision on the takeover.

Unity Small Finance Bank Limited, a joint venture between Centrum Group and Bharatpe, began operations as a small finance bank on November 1, 2021, it should be noted.

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