Centrum-BharatPe get RBI nod to take over crisis-hit PMC Bank

NEW DELHI: The Reserve Bank of India (RBI) on Friday gave in-principle approval for takeover of crisis-hit Punjab and Maharashtra Co-operative (PMC) Bank.
Centrum Financial Services Limited will join hands with payment platform BharatPe to takeover PMC Bank.
The RBI granted in-principle approval to Centrum to set up a small finance bank under general “guidelines for ‘on tap’ licensing of small finance banks in the private sector”.
“The 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,” it said in an official statement.
In September 2019, the central bank had put curbs on the PMC bank after finding financial irregularities such as under-reporting of bad loans.

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