RBI Extends Restriction On PMC Bank: RBI has extended the date of restrictions imposed on PMC Bank (Punjab and Maharashtra Cooperative Bank) till 31 March 2022. Earlier these restrictions were applicable till January 1, 2022.
Ongoing process of merger of PMC Bank and Unity SFB
In fact, on 22 November 2021, RBI had sought suggestions from the depositors, creditors and members of both the banks till December 10, 2021, regarding the merger of PMC Bank (Punjab and Maharashtra Cooperative Bank) and Unity Small Finance Bank. Unity Small Finance Bank is going to acquire PMC Bank (Punjab and Maharashtra Cooperative Bank). RBI has said that work is going on for the process of merging the two banks, so the restrictions imposed are extended till March 31, 2022.
RBI took control of PMC board
Let us tell you that after huge financial irregularities in PMC Bank, RBI dissolved its board and took it under its control. According to the 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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