Categories: Banking

Centrum gets RBI’s in-principle nod to take over PMC Bank

The Reserve Bank of India (RBI) has given “in-principle” approval to Centrum Financial Services Ltd (CFSL) to set up a small finance bank (SFB), which will take over the beleaguered Punjab and Maharashtra Cooperative Bank (PMC Bank). It will get 120 days to commence operations. The amalgamation with PMC Bank is a separate process that would involve notification of the scheme by the government.

The first year the partners would put in Rs 900 crore, which will be used for starting the business and acquiring PMC Bank. The second round of equity funding of Rs 900 crore will happen in the following year.

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The “in-principle” approval has been given to Centrum in accordance with the offer it made in response to the expression of interest (EoI) to take over PMC Bank. The consortium of Centrum and BharatPe had expressed an interest in taking over PMC Bank. According to reports, both Centrum and BharatPe will hold 50 per cent in the small finance bank and the assets and liabilities of the multistate cooperative bank will be transferred to it.

Important takeaways for all competitive exams:

The Administrator Of PMC Bank: AK Dixit.
PMC Bank Founded: 1984.
PMC Bank Headquarters: Mumbai, Maharashtra.

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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.