Mumbai: Relief for Restless Depositors, All Bank PMC Branches affected by the crisis will now function as branches of Unity Small Finance Bank Ltd.
(USFBL) with takeover solutions that also mark the end of more than two.
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With the government who told the scheme of the merger of Punjab and Maharashtra Cooperatives (PMC Bank) and USFBL with the effects of January 25, bank depositors can now withdraw their money gradually or continue to have new accounts with their new entities.
In the steps of not so general, RBI, in September 2019, replaced the PMC Bank Board and imposed various restrictions, including capping withdrawals by customers, after financial irregularities in the lenders were revealed.
“Amalgamation will take effect from the date of notification of the scheme, namely, January 25, 2022.
All branches of the PMC Bank will function as a USFBL branch with the effect of this date,” Reserve Bank from India (RBI) said in the release.
The central bank also said the USFBL made the necessary arrangements to implement the provisions of the scheme, which imagined the takeover of PMC bank assets and liabilities, including deposits, in accordance with the provisions of the scheme.
USFBL, promoted by Centrum Financial Services along with Resilient Pvt Ltd innovation as ‘shared investors’, given a banking license in October 2021.
The USFBL began to function at 1.
Bank PMC had 137 branches over six states when the RBI replaced the Bank Board in September 2019 .
Out of 137 branches, 103 are in Maharashtra.
In connection with each savings bank account or running account or another deposit account with PMC Bank, the USFBL will open with itself a suitable and similar account in the name of each holder.
It will also credit the full amount, including interest which is still paid until March 31, 2021, according to the amalgamation scheme that is notified by the Financial Services Department under the Ministry of Finance.
Initially, insurance received from DICGC would be paid to all depositors who met the requirements subject to the 5-lakh RS ceiling.
After that, retail depositors will be allowed to gradually attract additional amounts.
They can attract RS 50,000 at the end of the first year of the date of the appointment of the amalgamation scheme (25 January 2022) and up to 50,000 rs at the end of the second year.
Deposits can attract up to RS 1 Lakh Late Three Years, Rs 2.5 Lakh at the end of four years and Rs 5.5 lakh at the end of five years.
They can attract their entire number from the bank after 10 years.
All PMC Bank employees will continue in service on the remuneration and the same terms and conditions for a period of three years from the merging scheme.
The USFBL will have the option to combine PMC bank branches according to the convenience and can also close or shift the existing branches according to the instructions removed by the RBI.
In November last year when RBI floated in the draft merging scheme, the USFBL said the design of the scheme “gave relief and clarity that was needed for more than 1,100 PMC bank employees, which will continue to work and continue the service that is not interrupted by clients”.
The USFBL promoter along with joint investors has invested Rs 1,105.10 Crore at USFBL on November 1, 2021.
Furthermore, the equity rs of 1,900 crore, to be carried out at any time for eight years by the holder, issued by the USFBL on November 1, 2021 To the promoters to bring further capital.
The RBI has replaced the PMC Bank Board after detecting certain financial irregularities, hiding and misptuating loans given to HDIL real estate developers.
The bank exposure to HDIL is more than Rs 6,500 Crores or 73 percent of the total loan book size of Rs 8,880 Crore on September 19, 2019.