Mumbai: The reserve bank on Monday appeared with a scheme for the acquisition of Bank Punjab and Maharashtra Cooperative (PMC) by Delhi-based Unity-Small Finance Bank (USFB).
The design of the merging scheme imagined the takeover of PMC bank assets and liabilities, including deposits, by USFB, so as to provide a greater level of protection for depositors, said Reserve Bank of India.
The USFB is being established with capital around Rs 1,100 Crore as on the requirements of Rs 200 Crore regulations for such bank settings, according to the guidelines for the license tap.
Reserve Bank said he would receive advice and objections to the design of the scheme until 5.00 a night on December 10 after, it would take the last view of the takeover.
It should be noted that Unity Small Finance Bank Limited, a joint venture between Centrum Group and Bharatpe, have begun operation as a small financial bank with the effect of November 1, 2021.