Unity Small Finance Bank pays Rs 3,791 crore to retail depositors of PMC Bank; know the details

Deposit Insurance and Credit Guarantee Corporation (DICGC) on Thursday said it has settled the main claim of Punjab and Maharashtra Cooperative Bank Ltd (PMCBL) totaling Rs 3,791.55 crore for 8,47,506 traceable depositors. Unity SFB will instantly credit the amount to the bank accounts of all depositors whose holders are sending a confirmation of their credit balance on the Unity Bank App. DICGC has asked the depositors of the erstwhile PMCBL (Transfer Bank) to approach the Transferee Bank (Unity Small Finance Bank) to get their claim amount.

How much will PMC account holders get?

Under the scheme of amalgamation, Unity SFB will pay the amount received from DICGC to all eligible retail depositors of PMCBL (Transfer Bank), an amount equal to the balance in their deposit accounts or Rs 5 lakh, whichever is less. ,

Depositors with deposits above Rs 5 lakh will get the amount in excess of 10 years from the due date, depending on their balance. No interest shall be charged on any interest-bearing deposit with the transferor bank for a period of five years from the due date after March 31, 2021.

Thereafter simple interest at the rate of 2.75 per cent per annum shall be paid at the end of each year for the outstanding amount, which shall be payable from a date not later than five years from the due date.

As per a scheme of amalgamation, the scam-hit PMCBL was merged with Unity SFB with effect from January 25, 2022 (due date for merger).

Unity SFB will primarily be a digital bank where new shareholders have pooled capital of over Rs 3,000 crore by way of cash and warrants. The capital will be used to build the base for the bank. Earlier in October, the Reserve Bank of India (RBI) had issued a small finance bank license to a consortium of Centrum Financial Services, and Resilient Innovation (RIPL), which has a leading digital payments platform called BharatPe. This is the first time after a gap of nearly six years that the central bank has issued a new bank licence.

A loan of Rs 6500 crore was given to a developer through fake accounts in PMC Bank. The information about this scam came to the notice of the Reserve Bank in the year 2019. The Reserve Bank had imposed strict restrictions on the bank in September 2019. RBI’s moratorium is in force from 23 September 2019. Under this, withdrawal restrictions were imposed on the depositors. Of the bank The RBI had dissolved the board of PMC Bank.

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