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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

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3 min read Last Updated : Nov 25 2021 | 12:11 AM IST

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.