Unity Small Finance Bank, a consortium of Centrum Group and Bharatpe has commenced its operations as a small finance bank with effect from November 1, 2021, RBI said in a release.
RBI has issued a license and had earlier granted in-principal approval to set-up up a small finance bank.
Unity SFB will take over the assets and liabilities of Punjab and Maharashtra Co-operative Bank. Centrum's MSME and MFI business will be merged into the new bank.
Centrum on October 12 had said the proposed business model is one of collaboration and based on open architecture.
Centrum Group owns 51 percent in the bank and the remaining stake is held by Bharatpe.
The bank is commencing its operations with initial capital of Rs 1500 crore and will begin with Rs 1300 crore loan book. Both the consortium partners have roped in former SBI Chairman Rajnish Kumar as the chairman of the board.
The in-principle nod was given on June 18 by RBI as Centrum had expressed interest to take over PMC Bank.
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