PMC Bank amalgamation with Unity Small Finance Bank Ltd // Some Information about PMC Bank and Unity Small Finance Bank Ltd // 2022 Current Affairs //

 PMC Bank will merge with Unity Small Finance Bank Ltd:

The Government of India notified the scheme for the amalgamation of Punjab and Maharashtra Co-operative Bank Ltd (PMC) with Unity Small Finance Bank Ltd, a joint venture between BharatPe and Centrum Financial Services Ltd. This means that from now all PMC bank offices will function as Unity Small Finance Bank Ltd branches.

PMC bank is a multi-state cooperative bank registered under Cooperative Societies Act. Earlier it came into a highlight due to all the bad reasons of scams. After all that  Government of India now came forward to aid the depositors by amalgamating it with Unity Small Finance Bank Ltd.

Unity Small Finance Bank will pay the insurance money received from Deposit Insurance and Credit Guarantee Corporation(DICGC) to all the eligible depositors(Whose deposits were failed by the earlier bank) of PMC Bank at a ceiling of Rs 5 lakh, to their deposit accounts.

SPECIAL NOTES FOR ASPIRANTS:

• DICGC is under RBI. Its main function of it is to provide insurance for deposits and guarantee credit facilities, up to 5 lakh.

• DICGC was formed in 1978.

• DICGC Chairman: M.D. Patra{Deputy Governor, Reserve Bank of India, Mumbai}

• RBI governor: Shaktikanta Das

• Finance Secretary of India: T.V. Somanathan