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: Saturday, February 20, 2021, 3:18 PM IST
Punjab & Maharashtra Co-operative Bank s revival: Find out the three group of investors bidding for the bank
On February 15, 2021, Reserve Bank Governor Shaktikanta Das said it has received three bids for the troubled Punjab Maharashtra Cooperative (PMC) Bank and the central bank is now evaluating the offers.
Now it is reported that a set of investors which included foreign players has shown interest in the beleaguered bank.
There is one consortium which includes Centrum group and Fintech
BharatPe, and another one is led by Surinder Mohan Arora, an Indian businessman. The third investor bidding for this bank is UK-based Liberty Group.
Team of diverse investors puts in bid for embattled PMC Bank
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Synopsis
A consortium, led by Surinder Mohan Arora, an Indian businessman, submitted a plan on February 1, 2021, for revival and conversion of PMC Bank into a small finance bank (SFB), subject to certain conditions and regulatory forbearance from RBI.
The 37-year-old multi-state co-operative bank, which has been under an administrator since 2019, has outstanding of over Rs 10,368 crore to depositors.
A diverse set of investors including a German firm marketing pharmaceutical products, two offshore investors based in Mauritius, and an overseas corporate entity in Dubai are part of a consortium that has bid for the failed lender Punjab & Maharashtra Co-operative (PMC) Bank.