Government of India has approved the merger of PMC bank with Unity Bank

Tags: Economics/Business

Government of India has approved the merger of  the troubled Punjab and Maharashtra Cooperative (PMC) bank with the Unity Small Finance Bank  effective from 25 January 2022.

• According to RBI ,all the Punjab and Maharashtra Co-operative Bank Ltd (PMC Bank) branches will operate as Unity Small Finance Bank Ltd. branches from January 25, 2022.
• PMC bank was a multi-state cooperative bank whose board was superseded by the RBI in September 2019 after detection of a major fraud in the bank.
• It has since then been administered by the RBI.
• The Unity Small Finance bank will take over the liabilities of the PMC bank .

Unity Small Finance Bank 

• Unity Small Finance Bank is a 51:49 joint venture between Centrum Group and Resilient Innovations Pvt. Ltd owner of the payments app Bharatpe.
•  It started  its operation in November, 2021 as the 12th Small Finance bank in India.
•  Its Headquarters is at New Delhi