close

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
PMC BANK
Premium

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.
Or

Also Read

Ray of hope for PMC depositors as Centrum roped in for revival

Depositors of PMC, other banks to benefit from DICGC Bill: FM Sitharaman

What's in store for PMC depositors

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

Longer wait for depositors as RBI extends curbs on PMC Bank till Dec 31

RBI puts curbs on Malkapur Urban Co-op Bank; caps withdrawals at Rs 10,000

NITI floats idea of full-stack digital banks, seeks comments by Dec 31

Shares of IOB, Central Bank of India surge on reports of privatisation

Indian Overseas Bank, Central Bank of India clarify on privatisation buzz

Credit growth of banks recovers; festivals help demand: Ratings agency

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

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers. Already a BS Premium subscriber?LOGIN NOW

Register to read more on Business-Standard.com