MUMBAI: The Reserve Financial institution on Monday got here up with a draft scheme for the acquisition of Punjab and Maharashtra Cooperative (PMC) Financial institution by Delhi-based Unity Small Finance Financial institution (USFB).
The draft scheme of amalgamation envisages the takeover of the belongings and liabilities of PMC Financial institution, together with deposits, by the USFB, thus giving a higher diploma of safety for the depositors, the Reserve Financial institution of India stated.
The USFB is being arrange with a capital of about Rs 1,100 crore as in opposition to the regulatory requirement of Rs 200 crore for the establishing of such a financial institution, as per the rules for on-tap licensing.
The Reserve Financial institution stated it might obtain options and objections on the draft scheme until 5.00 pm on December 10. Thereafter, it’ll take a ultimate view on the takeover.
It’s to be famous that Unity Small Finance Financial institution Restricted, a three way partnership between Centrum Group and Bharatpe, has commenced operations as a small finance financial institution with impact from November 1, 2021.
The draft scheme of amalgamation envisages the takeover of the belongings and liabilities of PMC Financial institution, together with deposits, by the USFB, thus giving a higher diploma of safety for the depositors, the Reserve Financial institution of India stated.
The USFB is being arrange with a capital of about Rs 1,100 crore as in opposition to the regulatory requirement of Rs 200 crore for the establishing of such a financial institution, as per the rules for on-tap licensing.
The Reserve Financial institution stated it might obtain options and objections on the draft scheme until 5.00 pm on December 10. Thereafter, it’ll take a ultimate view on the takeover.
It’s to be famous that Unity Small Finance Financial institution Restricted, a three way partnership between Centrum Group and Bharatpe, has commenced operations as a small finance financial institution with impact from November 1, 2021.
Supply: Times of India