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  • RBI penalises three Gujarat-based cooperative banks for rule violations Oct 17, 2022 05:26 PM IST

    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 Aug 29, 2022 05:47 PM IST

    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 Aug 08, 2022 05:48 PM IST

    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 Jul 28, 2022 06:39 PM IST

    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 Jul 25, 2022 07:33 PM IST

    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 May 18, 2022 12:10 PM IST

    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 Feb 28, 2022 08:00 AM IST

    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? Jan 31, 2022 09:13 AM IST

    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  Jan 28, 2022 12:59 PM IST

    “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 Jan 27, 2022 06:07 PM IST

    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? Jan 26, 2022 04:20 PM IST

    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 Jan 25, 2022 07:36 PM IST

    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? Jan 22, 2022 07:27 AM IST

    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 Jan 16, 2022 08:51 PM IST

    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 Dec 28, 2021 07:12 PM IST

    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? Dec 28, 2021 10:55 AM IST

    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 Dec 16, 2021 10:40 AM IST

    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 Dec 13, 2021 09:27 AM IST

    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 Dec 08, 2021 01:26 PM IST

    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? Nov 22, 2021 08:25 PM IST

    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 Nov 22, 2021 03:45 PM IST

    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 Nov 01, 2021 09:58 AM IST

    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 Aug 30, 2021 10:50 PM IST

    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.

  • Given approval to set up small finance bank to take over PMC Bank: RBI to Delhi HC Jul 12, 2021 03:21 PM IST

    Given approval to set up small finance bank to take over PMC Bank: RBI to Delhi HC

    A bench of Justices D N Patel and Justice Jyoti Singh granted time to the RBI to file an affidavit on the development in the matter and listed the case for further hearing on August 20.

  • Banking Central| From the 'regulator' to the 'regulated', rules are meant to... Jul 12, 2021 12:34 PM IST

    Banking Central| From the 'regulator' to the 'regulated', rules are meant to...

    The Reserve Bank of India is a well-respected institution that cannot afford to dilute rules on after-retirement assignments and make mistakes. It is time for a reset.