Centrum, BharatPe to take over PMC Bank and re-launch it as Small Finance Bank

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The Reserve Bank of India has given in-principle approval to Centrum Financial Services Limited to set up a small finance bank.
Centrum Financial Services Limited will take over the Punjab & Maharashtra Co-operative Bank Ltd., Mumbai (PMC) and re-launch it as a Small Finance Bank.
Resilient Innovations Private Ltd (BharatPe) and Centrum Financial Services Limited both will hold 50% stake in this new Small Finance Bank that will be formed after taking over Punjab & Maharashtra Co-operative Bank.
It must be noted that RBI had placed certain restrictions on Punjab & Maharashtra Co-operative Bank., and in March 2021, the RBI had further extended the restrictions on the PMC Bank till June 30.
Centrum Financial Services Ltd (Centrum) is an NBFC arm of the Centrum Group.