Sahakar Bharati may seek tweaks in PMC Bank's draft merger scheme

Five-year interest holiday and final settlement at end of 10 years unfair to depositors

Raghu Mohan Mumbai

Sahakar Bharati may seek reworking of the draft scheme for the amalgamation of Punjab & Maharashtra Co-operative (PMC) Bank with Unity Small Finance Bank (SFB) — the transferee bank — for a more equitable deal for depositors.
The clause that “no further interest will be payable on the interest-bearing deposits of the transferor bank for five years from the appointed date (of merger) is unfair. Also, depositors will have to wait a decade to be paid in full,” said a top official of the pan-Indian organisation.
A significant force in the country’s co-operatives space, Sahakar Bharati calls itself “an organisation of co-operators and co-operatives”. It had played a key role in giving inputs to the newly minted Ministry of Co-operation.

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First Published: Nov 24 2021 | 9:05 PM IST

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