RBI issues draft scheme for takeover of PMC Bank by Unity Small Finance Bank
The Hindu
The draft scheme of amalgamation envisages the takeover of the assets and liabilities of PMC Bank, including deposits, by the Unity Small Finance Bank
The Reserve Bank of India (RBI) on November 22 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 RBI said.
The USFB is being set up with a capital of about ₹1,100 crore as against the regulatory requirement of ₹200 crore for the setting up of such a bank, as per the guidelines for on-tap licensing.
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