PMC Bank gets some cooperative support, but revival to take time

The takeover of this bankrupt urban cooperative bank by the Centrum-BharatPe combine marks the first instance of NBFCs, high-net worth individuals and fintechs being allowed entry in this space

It’s unlikely you will come across a banker like Jaspal Singh Bindra. He has worn many turbans: A standout corporate banker who went on to head Standard Chartered Bank’s India franchise; later, he became group executive director and chief executive officer for Asia Pacific. As an entrepreneur, he picked up a 20 per cent stake in the Mumbai-based Centrum Group in 2016. His latest avatar is as turnaround artiste for PMC Bank (Punjab and Maharashtra Co-operative Bank), which went bankrupt after over-exposure to a single real estate company came to light in 2019. Ask him what he did on hearing