Page 2 - Pmc Bank

RBI floats draft scheme for amalgamation of PMC Bank, Unity SFB

In September 2019, the RBI had superseded the board of PMC Bank and placed it under regulatory restrictions

With Rs 7,000 cr stuck, over 20k PMC Bank depositors play waiting game

The amount stuck is Rs 7,126 crore, which is 60 per cent of the total Rs 11,800-crore in deposits

RBI issues draft scheme for PMC Bank's takeover by Unity Small Finance Bank

USFB, promoted by Centrum Financial Services along with Resilient Innovation Pvt Ltd as 'joint investor', was granted banking licence in October 2021

PMC Bank customers not to get Rs 5 lakh deposit cover in first lot

Customers of stressed Punjab & Maharashtra Co-Operative Bank (PMC Bank) will not get up to Rs 5 lakh insurance cover in the first lot as the multi-state co-operative bank is under the resolution process. Deposit Insurance and Credit Guarantee Corporation (DICGC) in the first lot will pay customers of 20 stressed banks except PMC Bank. For the first lot, the mandatory 90 days period concludes on November 30. It is to be noted that RBI had in June given in-principle approval to a consortium of Centrum Financial Services and fintech startup BharatPe to acquire the stressed PMC Bank. Clearing decks for the takeover, the RBI earlier this month gave licence for small finance bank to the consortium. Recently, the DICGC said there may be a need to invoke the provisions of Section 18 A (7) (a) of the Deposit Insurance and Credit Guarantee Corporation (Amendment) Act, 2021, As per the Section 18 A (7) (a) of the Act, if a stressed bank is under the resolution process, the period for ...

PMC Bank fraud case: HC rejects Rakesh Wadhawan's medical bail plea

The Bombay High Court refused to grant bail on health grounds to jailed businessman Rakesh Wadhawan, accused of money laundering in the multi-crore PMC Bank fraud case

PMC Bank fraud: ED attaches HDIL group's shares worth Rs 233 crore

ED said it has attached partly-paid compulsorily convertible preference shares worth Rs 233 crore of HDIL group companies in the alleged multi-crore-rupee PMC Bank fraud and money-laundering case

Depositors of stressed banks to get up to Rs 5 lakh back from Nov 30

Depositors of stressed banks like Punjab & Maharashtra Cooperative (PMC) Bank are now set to get up to Rs 5 lakh back from November 30 as the government has notified the amendment to the DICGC Act. Parliament earlier this month passed the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021 ensuring that account holders get up to Rs 5 lakh within 90 days of the RBI imposing moratorium on the banks. The amount of Rs 5 lakh would be provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC). The government has notified September 1, 2021 as the date on which the provisions of the Act shall come into force, according to a gazette notification dated August 27, 2021. "In exercise of the powers conferred by sub-section (2) of section 1 of the Deposit Insurance and Credit Guarantee Corporation (Amendment) Act, 2021 (30 of 2021), the Central Government hereby appoints the 1st day of September, 2021, as the date on which the provisions of the said Act ...

Centrum to merge Micro credit, SME biz with small fin bank for Rs 426 cr

The transfer, via a slump sale is subject to shareholders, statutory and regulatory approvals. Centrum has indicated the transaction would be completed in two months

Depositors of PMC, other banks to benefit from DICGC Bill: FM Sitharaman

We want to make sure within 90 days depositors get the money so that small depositors who make up 98% of all depositors will get their money in time, she said

Given nod to set up small finance bank to take over PMC Bank: RBI to HC

A senior advocate representing the RBI said this will ease the trouble faced by the bank's customers who are unable to withdraw their money

Centrum seeks 20 years to repay DICGC for settling depositors' claims

Centrum's role in the small finance bank will be mainly on the asset side and will focus on lending to small and medium business. Bharat Pe will focus on the liabilities side

PMC Bank gets some cooperative support, but revival to take time

The takeover of this bankrupt urban cooperative bank by the Centrum-BharatPe combine marks the first instance of NBFCs, high-net worth individuals and fintechs being allowed entry in this space

Best of BS Opinion: Shaping India's green future, the NPA scare & more

Here are the best of Business Standard's opinion pieces for Monday

What's in store for PMC depositors

They will probably get their money back through staggered payments, and part of it can be converted into equity.

Longer wait for depositors as RBI extends curbs on PMC Bank till Dec 31

There was considerable buzz among depositors after RBI gave in-principle nod to Centrum Financial Services and BharatPe to set up an SFB in lieu of a restoration scheme of PMC Bank

Top headlines: RBI extends restrictions on PMC, Franklin moves SAT, & more

Business Standard brings you the top news of the evening

RBI extends restrictions on beleaguered PMC Bank till December 31

RBI has, on June 18, granted 'in-principle' approval to Centrum Financial Services Ltd (CFSL) to take over PMC Bank via small finance bank (SFB) route

BharatPe: How the payments startup won a rare banking licence in India

Reserve Bank of India rewards the company and its partner, Jaspal Bindra, for agreeing to help revive Punjab & Maharashtra Co-operative Bank.

Centrum-Bharatpe JV to pump Rs 1,800 cr into PMC on merger

The joint venture floated by Centrum Group and digital payments startup Bharatpe for launching a small finance bank will infuse Rs 1,800 crore capital into troubled Punjab & Maharashtra Cooperative Bank (PMC) on its merger with the proposed bank, a top Centrum official has said. Last Friday, the Reserve Bank gave an in-principle approval to Centrum Financial Services, a step-down arm of the diversified financial services group, to set up a small finance bank (SFB) provided it took over the troubled PMC Bank. The in-principle approval has been in specific pursuance to Centrum Financial Services' offer on February 1, 2021 in response to the expression of interest notification dated November 3, 2020 published by the PMC Bank, the RBI said. This paves the way for ending nearly two anxious years for the PMC depositors whose over Rs 10,723 crore are still stuck in the crippled cooperative bank that has been under RBI administrator since September 2019. To launch SFB, the Centrum Group ..

Ray of hope for PMC depositors as Centrum roped in for revival

However, restrictions to continue for a while till Centrum gets the final approval