Centrum seeks 20 years to repay DICGC for settling depositors' claims

Centrum's role in the small finance bank will be mainly on the asset side and will focus on lending to small and medium business. Bharat Pe will focus on the liabilities side

Centrum Financial – the non-banking finance company which was recently granted ‘in-principle’ license by Reserve Bank of India (RBI) to start a small finance bank after the lender evinced interest in acquiring Punjab and Maharashtra Cooperative (PMC) Bank – has asked for 20 years to repay Deposit Insurance Credit Guarantee Corporation (DICGC) after the insurer settles the depositors claim.

PMC Bank was put under restrictions in September 2019 following financial irregularities. Last year, the RBI-appointed administrator of PMC Bank invited bids from investors for its reconstruction. Centrum had made the bid for PMC, jointly with Resilient Innovations Private Limited, popularly