NEW DELHI: The Reserve Bank of India (RBI) on Friday gave in-principle Endorsement for takeover of Both crisis-hit Punjab and Maharashtra Co-operative (PMC) Bank.
Centrum Financial Services Limited will combine hands with payment system BharatPe into takeover PMC Bank.
The RBI allowed in-principle consent to Centrum to establish a little finance lender beneath typical”instructions for’on tap’ licensing of little fund banks from the private sector”.
“The RBI would consider awarding a license for commencement of banking company under section 22 (1) of the Banking Regulation Act, 1949, on being satisfied that the candidate has complied with the necessary terms laid down by RBI as a portion of in-principle acceptance,” it stated in an official announcement.
Back in September 2019the central bank was placed curbs to the PMC bank following discovering financial irregularities like under-reporting of bad loans.
