Union Govt gives nod for amalgamating PMC Bank with Unity Small Finance Bank

Mumbai: The Union government on Tuesday gave its nod to amalgamate Punjab and Maharashtra Co-operative Bank (PMC Bank) with the Unity Small Finance Bank (USFBL).

As per the Reserve Bank of India, the amalgamation will come into force with effect from the date of the notification of the scheme i.e. January 25.

"All the branches of the PMC Bank will function as branches of Unity Small Finance Bank Ltd. with effect from this date.

"USFBL is making necessary arrangements to implement the provisions of the scheme," it said.

The RBI said that the scheme envisages takeover of assets and liabilities of PMC Bank, including deposits, by the USFBL.