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GoI Approved Merger of PMC Bank with Unity SFB

Published on January 28, 2022
Current Context: The Government of India has approved the Scheme for the amalgamation of the Punjab and Maharashtra Co-operative Bank Ltd (PMC Bank) with Unity Small Finance Bank Ltd.
GoI Approved Merger of PMC Bank with Unity SFB
  • From 25th Jan 2022, all the branches of the PMC Bank started functioning as branches of Unity SFB.
  • The Unity SFB is promoted by Centrum Financial Services Limited and Resilient Innovation Private Limited.
  • Therefore, both the promoters of Unity SFB infused capital of Rs 1105.10 crore in the bank.
  • Now onwards, Unity SFB will pay the customers of PMC Bank the amount it will receive from DICGC.
  • The amount will be equal to the balance in the customer’s deposit accounts upto Rs 5 lakhs within the period of 90 days.
  • For the depositors with amounts more than Rs 5 lakhs, the payout for the additional amount will be divided.
  • Static Part: 
    • HQ of Unity SFB: New Delhi


Q.1 With which SFB has PMC Bank merged?
a. Capital SFB
b. Unity SFB
c. Suryoday SFB

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