PMC Bank will be known as Unity Small Finance Bank from 25 January 2022, RBI order

PMC Bank: The merger between PMC Bank and Unity Small Finance Bank has been approved by RBI. RBI has said that from January 25, 2022, PMC Bank will operate in the name of Unity Small Finance Bank.

The government has approved the merger of PMC Bank and Unity Small Finance Bank, after which this announcement has come from RBI. From January 25, all the branches of PMC will be known as Unity Small Finance Bank. Now necessary steps are being taken to implement this merger. According to RBI, after the notification is issued, the burden of assets, deposits and liabilities of PMC Bank will be on Unity Small Finance Bank.

After the fraud in PMC Bank, RBI dissolved the board of PMC and took it under its control in September 2019. A total of 70 percent of the outstanding loan of the bank, Rs 8383 crore was taken by real estate HDIL. PMC Bank has a total deposit of Rs 10727 crore. The bank has given a loan of Rs 4472 crore. And as of 31 March 2020, Rs 3518 crore is the NPA of the bank. The share capital of PMC is 292 crores. PMC Bank had a loss of Rs 6835 crore in 2019-20, while the bank has a negative net worth of Rs 5850 crore.

According to the PMC Bank ks draft scheme, Unity Small Finance Bank will give Rs 5 lakh to the depositors of PMC Bank under the guarantee of DICGC (Deposit Insurance and Credit Guarantee Corporation). Rs 50,000 after two years, Rs 1 lakh after three years, Rs 3 lakh after four years, Rs 5.5 lakh after five years and the remaining amount after 10 years will be given to the depositors.

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