PMC Bank's branches begin functioning as Unity SFB outfit from Tuesday: RBI

Unity SFB, which is a 51:49 joint venture between the Centrum Group and Bharat Pe, is making necessary arrangements to implement the provisions of the scheme of amalgamation, says RBI

The branches of beleaguered Punjab and Maharashtra Cooperative Bank (PMC) began functioning as branches of Unity Small Finance Bank (Unity SFB) from Tuesday.

The Government of India on Tuesday notified the scheme of amalgamation of PMC Bank with Unity Small Finance Bank.

Reserve Bank of India, in a statement, said, “The scheme of amalgamation notified today (January 25, 2022) envisages takeover of the assets and liabilities of PMC Bank, including deposits, by the Unity Small Finance Bank in terms of the provisions of the scheme”. It had 137 branches as of March 2019.

Unity SFB, which is a 51:49 joint