Centrum-BharatPe JV to infuse ₹1,800cr into PMC bank

The joint venture floated by Centrum Group and digital payments startup Bharatpe for launching a little account bank will mix ₹1,800 crore capital into grieved Punjab and Maharashtra Cooperative Bank (PMC) on its merger with the proposed bank, a top Centrum official has said.

Last Friday, the Reserve Bank gave an in principle approval to Centrum Financial Services, a step down arm of the diversifies financial services group, to set up a small finance (SFB) provided it took over the troubled PMC Bank.

The in-principle approval has been in specific pursuance to Centrum Financial Services’ proposal on February 1, 2021 in light of the statement of premium notice dated November 3, 2020 published by the PMC Bank, the RBI said. This paves for ending nearly two anxious years for the PMC investors whose over ₹10,723 crore are as yet stuck in the crippled co-operative bank that has been under RBI administrator since September 2019.