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RBI Revealed a Draft Scheme for Amalgamating PMC Bank with USFB

Published on November 26, 2021
Current Context: The Reserve Bank of India (RBI) has revealed a draft scheme that describes amalgamating the Punjab and Maharashtra Cooperative (PMC) Bank with the Unity Small Finance Bank Ltd (USFB), based in Delhi.
RBI Revealed a Draft Scheme for Amalgamating PMC Bank with USFB
  • The USFB is a joint venture between Centrum Group and Bharatpe.
  • The USFB started its operation as SFB on 1st Nov 2021.
  • Due to amalgamation, a greater degree of protection to the depositors of PMC bank will be granted.
  • The draft scheme is open for suggestions and objections till 10th Dec 2021.
  • The draft scheme of amalgamation describes the takeover of the deposits, assets, and liabilities of PMC Bank by USFB.

Question: 

Q.1 RBI revealed a draft scheme that describes amalgamating the Punjab and Maharashtra Cooperative (PMC) Bank with the _____?
a. Fincare Small Finance Bank
b. Unity Small Finance Bank Ltd
c. North East Small Finance Bank
d. Jana Small Finance Bank
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