Centrum-BharatPe, Liberty group in race for beleaguered PMC Bank

Deal could mark the entry of corporates into UCBs

Steel baron Sanjeev Gupta’s Liberty Group of the UK, the Jaspal Singh Bindra-led Centrum group and BharatPe combine, and two business families from Mumbai and Hyderabad have expressed interest for beleaguered Punjab and Maharashtra Co-operative Bank (PMC Bank).

This is the first time that corporates, non-banking financial companies, and high-net-worth individuals have shown eagerness in taking over an urban-cooperative bank (UCB). The development comes a month after a Reserve Bank of India’s Internal Working Group report made a case for corporate ownership of banks.

“The winner for PMC Bank will continue to run it as an UCB. Automatic conversion of the UCB