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PMC Bank merger with Unity Small Finance Bank awaits govt approval

The RBI extended the restrictions on Punjab and Maharashtra Cooperative (PMC) Bank for another three months till the end of March, 2022.

Agencies | Updated on: Sunday, January 16, 2022, 05:44 PM IST

The draft scheme of amalgamation is required to be placed before the government for its sanction, as per the Banking Regulation Act. |
The draft scheme of amalgamation is required to be placed before the government for its sanction, as per the Banking Regulation Act. |
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The proposed merger of Punjab and Maharashtra Cooperative Bank (PMC) with Unity Small Finance Bank (USFB) is being examined and the process of amalgamation will start after the government approval, according to reports.

The RBI extended the restrictions on Punjab and Maharashtra Cooperative (PMC) Bank for another three months till the end of March, 2022.

The draft scheme of amalgamation is required to be placed before the government for its sanction, as per the Banking Regulation Act.

RBI had prepared a draft scheme of amalgamation and the same was placed in the public domain on November 22.

(With inputs from PTI)

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Published on: Sunday, January 16, 2022, 05:45 PM IST