USFB was set up with ₹1,100-crore. Capital, in excess of mandate’
The Reserve Bank of India (RBI) on Monday placed in the public domain a draft plan for the merger of Punjab and Maharashtra Co-operative (PMC) Bank with Unity Small Finance Bank Ltd (USFB), a banking company incorporated in India under the Companies Act. . 2013, and its registered office is at New Delhi.
USFB commenced operations from November 1, 2021.
The draft scheme of amalgamation envisages acquisition of assets and liabilities of PMC Bank including deposits by USFB in terms of the provisions of the scheme, thereby providing greater protection to the depositors.
“It may be seen that as against the regulatory requirement of ₹200 crore for setting up a small finance bank under the Guidelines for On-Tap License of Small Finance Bank in the Private Sector, setting up of USFB with a capital of approximately ₹1,100 crore Its being done. , with provision for further infusion of capital at a future date after the amalgamation,” the banking regulator said.
Mumbai-based PMC Bank Ltd., a multi-state urban co-operative bank, was placed under all-inclusive directives from the close of business hours on September 23, 2019, due to fraud that led to a ‘sharp decline’ in the bank. Bank’s net worth.
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