PMC to become Small Finance Bank, RBI grants approval to Centrum Financial Services
PMC to become Small Finance Bank, RBI grants approval to Centrum Financial Services

The Reserve Bank of India (RBI) today granted in-principle approval to Centrum Financial Services to set up a small finance bank. The means the regulator has allowed the financial services to takeover troubled Punjab and Maharashtra Cooperative (PMC) Bank.

The banking regulator said, "RBI would consider granting a licence for commencement of banking business under Section 22 (1) of the Banking Regulation Act, 1949, on being satisfied that the applicant has complied with the requisite conditions laid down by RBI as part of “in-principle” approval."

This approval has been accorded in specific pursuance to the Centrum Financial Services Limited’s offer dated February 1, 2021 in response to the expression of interest (EoI) notification dated November 3, 2020 published by the Punjab & Maharashtra Co-operative Bank Ltd, Mumbai.

Centrum Group along with Indian QR code-based payment app Bharat Pe submitted a joint EoI to the RBI to collectively take over the PMC Bank.

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