Pmc Bank

Smaller banks are struggling to stay afloat for different reasons. Many have shut shop, others remain as zombie banks.

Unity Small Finance Bank promoters likely to dilute stake to raise up to $150 million: Sources

BharatPe owns 49% in Unity SFB, and Centrum group the remaining 51%. Sources say BharatPe is likely to pare its shareholding to around 25-26%. Company calls it speculation.

RBI penalises three Gujarat-based cooperative banks for rule violations

The RBI has been tightening its grip on regulated entities, specifically cooperative banks, to ensure that appropriate corporate governance practices and regulations are followed

RBI penalises eight co-operative banks for rule violations

The RBI has been tightening its grip on regulated entities, specifically cooperative banks, to ensure that appropriate corporate governance practices and regulations are followed

India’s cooperative mess | Why issue license to UCBs if you can’t repay depositors on time, PMC Bank depositors ask

While the Deposit Insurance and Credit Guarantee Corporation (DICGC) cover has helped a majority of depositors, others with deposits above Rs 5 lakh are still waiting to get their money back.

RBI penalises 4 cooperative banks for violating KYC norms

The RBI has been tightening its grip on regulated entities, especially cooperative banks, to ensure corporate governance practices and regulations are followed

RBI penalises three cooperative banks for violating norms

The RBI has been tightening its grip on regulated entities, specifically cooperative banks, to ensure that appropriate corporate governance practices and regulations are followed.

PMC Bank acquisition by Centrum-Bharatpe was smartest corporate move in history, claims Ashneer Grover

The Reserve Bank of India on June 18 granted “in-principle” approval to Centrum Financial Services Limited to set up an SFB, paving the way for the entity to take over the crisis-ridden PMC Bank.

Banking Central | BharatPe must put its house in order

Alleged corporate governance issues, infighting and mud-slinging in public do not augur well for BharatPe which is a part of the PMC Bank rescue mission.

Will Unity SFB be able to unite PMC Bank depositors?

PMC Bank depositors have been severely wounded financially due to the long wait to get back their money. What’s more, a section of them believes the amalgamation scheme is a pyrrhic victory 

“We are not PMC Bank. We are Unity, we are a different institution,” Jaspal Bindra says in exclusive interview 

Unity Small Finance Bank (Unity SFB) will try and help arrange some liquidity-- directly or indirectly-- for Punjab and Maharashtra Co-operative Bank (PMC Bank) depositors as and when they need it, the Centrum Group chairman said. The recent controversy over BharatPe founder Ashneer Grover’s personal conduct with a Kotak executive doesn’t affect Unity SFB, a joint venture between Centrum Group and the fintech firm, Bindra said. 

Finance Ministry sanctions amalgamation scheme of PMC Bank with Unity SF Bank

As per the amalgamation scheme, the Unity SF Bank will repay the full principal amount due to all depositors. The Unity SF Bank will also pay 90 percent of depositors -- having deposits up to Rs 5 lakhs -- as upfront.

PMC Bank-Unity merger: What does the final scheme mean for depositors?

The scheme entails a repayment period spread across 10 years to PMC Bank depositors. This means a long wait for high value depositors in the bank

PMC Bank merges with Unity SFB from today, says RBI

The RBI superseded PMC Bank board in September 2019 following a major fraud.

Is Vinod Rai Unity’s trump card to gain customer confidence?

Unity Small Finance Bank is fighting a twin battle. It needs to calm aggrieved PMC Bank depositors. The BharatPe-Ashneer Grover episode dented the JV’s image. Rai’s credentials could act as an antidote.

PMC Bank merger with Unity Small Finance Bank awaits govt approval

It may be seen that USFB has been set up with capital of about Rs 1,100 crore as against regulatory requirement of Rs 200 crore for setting up of a small finance bank.

RBI extends restrictions imposed on PMC Bank until March 31

The RBI had taken over the board of PMC Bank in September 2019 after finding major financial irregularities in the bank.

Indian fintech: After record funding in 2021, what does 2022 hold?

Indian fintechs raised a record $9 billion in 2021, setting the tone for the funding and growth boom to continue in 2022. Experts believe continued collaboration between banks and fintechs will be crucial as neobanks and digital lending lead growth.

PMC Bank rescue: Housing societies still left high and dry by deposit insurance act

The question remains whether a cooperative housing society is also considered as single depositor and will be paid only Rs 5 lakh

Relief for co-op bank depositors comes late

Most depositors in cooperative banks are working class or middle class people who never venture out into the securities markets and whose understanding of financial rules of the game is virtually zero

RBI to work on PMC Bank resolution 'very quickly', says Governor Shaktikanta Das

Stakeholders have time till December 10 to respond to RBI’s draft scheme for the amalgamation of PMC Bank and Unity Small Finance Bank

Analysis | An unfair wait for some PMC Bank depositors?

PMC Bank-Unity SFB draft amalgamation scheme suggests long wait for some depositors. Depositors will get their money back, but only over a period of time.

RBI announces draft scheme for amalgamation of PMC Bank, Unity Small Finance Bank; PMC depositors to get full amount over 10 years

The draft envisages takeover of the assets and liabilities of PMC Bank, including deposits, by USFB.

PMC Bank customers not to get Rs 5 lakh deposit cover in first lot

In September 2019, the RBI had superseded the board of PMC Bank and placed it under various regulatory restrictions after detection of certain financial irregularities, hiding and misreporting of loans given to real estate developer HDIL.

Good News| Depositors of stressed banks, including PMC to get up to Rs 5 lakh back from November 30

The government has notified September 1, 2021 as the date on which the provisions of the Act shall come into force, according to a gazette notification dated August 27, 2021.