Government of India on January 25 sanctioned and notified the scheme for amalgamation of the Punjab and Maharashtra Co-operative Bank (PMC Bank) with Unity Small Finance Bank.
The amalgamation shall come into force with effect from the date of notification of the scheme i.e. January 25, 2022 and all branches of PMC Bank will function as branches of the Unity Small Finance Bank.
Unity SFB is making necessary arrangements to implement the provision of the scheme, RBI said in a notification.
The scheme of amalgamation notified on January 25 envisages takeover of the assets and liabilities of PMC Bank including deposits by the Unity SFB in terms of the provision of the scheme.
Unity SFB is promoted by Centrum Group and BharatPe, with Centrum Group holding the majority stake.
