Payout to be Rs 4k cr to return up to Rs 5 lakh to PMC depositors: Centrum

In a Q&A Jaspal Bindra, Chairman of Centrum Group says Unity SFB will take some cash assistance from DICGC to meet the liquidity gap

Following the government approving the scheme of amalgamation of Punjab and Maharashtra Cooperative Bank with Unity Small Finance Bank, the former will start the process of paying the first tranche of deposits, which is up to Rs 5 lakh to the PMC depositors. In an exclusive interview with Business Standard, Jaspal Bindra, Chairman of Centrum Group, which is the promoter of Unity SFB, said by March amount will be credited to the depositors' accounts. Excerpts:

Now that the merger process of PMC Bank and Unity SFB has started with the government approving the amalgamation plan, what would be the process