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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