The Government of India has recently sanctioned and

Solution

“The Government of India has sanctioned and notified the Scheme for the amalgamation of the Punjab and Maharashtra Co-operative Bank Ltd. (PMC Bank) with Unity Small Finance Bank Ltd. (USFBL). The amalgamation came into force with effect from the date of the notification of the scheme i.e. January 25, 2022. All the branches of the PMC Bank started functioning as branches of Unity Small Finance Bank Ltd. with effect from this date. Unity SFB, promoted by Centrum Financial Services with BharatPe owner Resilient Innovation as a joint investor, will have to transfer the amount received from the Deposit Insurance and Credit Guarantee Corporation (DICGC) to all eligible depositors of PMC Bank as an amount equal to the balance in their deposit accounts up to Rs 5 lakh, within a 90-day period, as was notified by the DICGC in September.