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On January 25, 2022, the Reserve Bank of India (RBI) announced that, government has notified a draft scheme for amalgamation of Punjab & Maharashtra Cooperative (PMC) Bank with Unity Small Finance Bank (SFB).
Highlights
When will amalgamation come into force?
The amalgamation came into force with effect from date of the notification of the scheme, that is January 25, 2022. All the branches of PMC Bank will function as branches of Unity SFB, from this date.
Unity SFB
What are SFBs?
SFBs are a specific segment of banking, created by RBI, to undertake basic banking activities to underserved and un-served sections. Draft guidelines to license small banks in private sector were formulated and released in 2014, by RBI. SFBs were set up with the objectives of increasing financial inclusion.
Punjab & Maharashtra Co-operative Bank Limited (PMC)
PMC is a multi-state co-operative bank, starting operating in 1983. It has 137 branches, with 100 branches in Maharashtra. It is regulated by Reserve Bank of India. PMC has been registered under Cooperative Societies Act.
By: Brijesh Kumar ProfileResourcesReport error
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