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Centrum to takeover PMC bank
June 22 , 2021
1056 days
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- The Reserve Bank of India (RBI) cleared proposal to takeover of Punjab and Maharashtra Cooperatives Bank (PMC Bank).
- The Consortium of non-bank lender Centrum Financial Services & fintech start-up BharatPe will take over it.
- This decision was taken in the backdrop of collapse of Punjab & Maharashtra Cooperatives Bank.
RBI’s Approval
- The RBI has decided to grant in-principle approval to Centrum so as to set up a small finance bank.
- It will be set up under on-tap licensing norms.
- On-tap licensing means, when regulator gives out bank licences on continuous basis rather than once in several years.
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