PMC Bank Merger: There is relief news for the customers of Punjab and Maharashtra Cooperative Bank after a long time. The merger of PMC Bank with Unity Small Finance Bank (USFB) has been completed. The government on Tuesday put its stamp on this merger. That is, now all the branches of PMC Bank will work as branches of USFB.
RBI dissolved the board 2 years ago
It is worth noting that about two years ago after the case of financial irregularities came to light, the Reserve Bank had dissolved the board of PMC Bank. In a statement issued by the RBI in this regard, it was said that this amalgamation will be effective from the date of notification, January 25, 2022. It is worth noting that the Reserve Bank had drafted this scheme of merger, which was made public on November 22, 2021. On Tuesday, the government notified the merger plan, approving it.
PMC Bank Merger: Customers will get trapped money in 10 years
Explain that USFBL Bank will acquire the deposits along with the assets and liabilities of PMC Bank under this. After this, the customers whose money is stuck in PMC Bank will get the full money back within the next three to 10 years. RBI said that the first payment of Rs 5 lakh to all the depositors will be made by the DICGC as soon as the funds are transferred. After that, after the first, second year, Rs. 50-50 thousand, after three years Rs. 1 lakh, after four years Rs. 2.5 lakh, after 5 years Rs. 5.5 lakh will be paid.
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