Debt-ridden Punjab and Maharashtra Cooperative Bank’s proposed merger with Unity Small Finance Bank (USFB) is under review and the merger process will begin after government approval, sources said.
Various aspects of the proposed merger have been discussed and the government will soon send its suggestions, if any, to the RBI, sources said.
The proposed merger of debt-ridden Punjab and Maharashtra Cooperative Bank with Unity Small Finance Bank (USFB) is being examined and the process of amalgamation will start after the government approval, sources said. Various aspects of the scheme of amalgamation have been examined and the government would soon send its suggestions, if any, to the RBI, sources said. The RBI in December extended the restrictions on Punjab and Maharashtra Cooperative (PMC) Bank for another three months till the end of March, 2022 as all necessary process on the draft scheme for the takeover was not complete.
PMC bank merger with Unity small finance bank awaits government approval
