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  • PMC bank was a multi-state cooperative bank whose board was superseded by the RBI in September 2019 after detection of a major fraud in the bank.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  

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