RBI issues draft scheme for PMC Bank's takeover by Unity Small Finance Bank

The RBI has placed in public domain a draft scheme for the acquisition of Punjab and Maharashtra Cooperative (PMC) Bank by Delhi-based Unity Small Finance Bank (USFB). According to the draft scheme of amalgamation, PMC Bank's depositors will get their money back over a period of 3-10 years. USFB is being set up with a capital of about ₹1,100 crore.