New Delhi: There is news of relief for the customers of Punjab and Maharashtra Cooperative Bank (PMC Bank). The merger of the troubled Punjab and Maharashtra Cooperative (PMC) Bank with Unity Small Finance Bank (USFB) has been completed. The government notified this merger on Tuesday. Now all branches of PMC Bank will function as branches of USFB. The Reserve Bank issued a statement on Tuesday and gave information about this. The RBI said, “This amalgamation will be effective from the date of notification of the scheme on January 25, 2022.
The draft plan of this merger was prepared by the Reserve Bank, which was made public on November 22, 2021. The central bank said that the branches of PMC Bank have started functioning as branches of USFBL from Tuesday.
RBI had dissolved the board for 2 years
About two years ago, after the case of financial irregularities came to light, the Reserve Bank had dissolved the board of PMC Bank. The government notified the merger plan on Tuesday, approving it. Explain that USFBL Bank will acquire the deposits along with the assets and liabilities of PMC Bank under this.
Customers will get money in this way?
Customers whose money is stuck in PMC Bank will get full money back within the next three to 10 years. According to RBI, the first payment of Rs 5 lakh to all the depositors will be made by DICGC as soon as the fund is transferred. After that, 50-50 thousand rupees will be paid after the first, second year, Rs 1 lakh after three years, Rs 2.5 lakh after four years, Rs 5.5 lakh after 5 years. At the end of the 10th year, if the bank has any customer balance, then they will be paid in full.
