Unity Small Finance Bank begins operations, paving way for merging PMC

 Unity Small Finance Bank begins operations, paving way for merging PMC


Unity Small Finance Bank, the 51:49 joint venture between Centrum Group and payments app Bharatpe, on Monday launched their first branch that will go a long way in resolving the crippled cooperative PMC Bank by merging it with the new entity.


Early evening, the Reserve Bank said Unity SFB began operations with the first branch going operational in the city.





The 12th small finance bank begins operations with over Rs 1,100 crore of equity capital, over 2 lakh customers and an asset base of over Rs 2,400 crore which comes from the existing MSME and MFI credit business of the Centrum Group, Jaspal Bindra, group executive chairman and also the non-executive chairman of Unity Bank, told PTI on Monday.


Unity Bank commenced operations in a record time as it got the final licence only on October 12 from the Reserve Bank, after getting the in-principal approval…

Read full article at www.business-standard.com