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Digital payments platform BharatPe and financial services firm Centrum are likely to make joint bids for PMC Bank. If this works out retail depositors would get their full money back, reports Business Today.
The BharatPe-Centrum combine has told the Reserve Bank of India of its intention to take over PMC Bank. There are other bidders like UK’s Liberty Group and two independent business houses.
It is said RBI will meet the bidders one-by-one to finalise the successful bid. In 2020, PMC Bank had invited EoIs from external investors for its reconstruction, which has been under RBI moratorium since 2019.
PMC bid: BharatPe offers to pay 100% to retail depositors
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PMC bid: BharatPe offers to pay 100% to retail depositors
Digbijay Mishra / TNN / Updated: Jan 16, 2021, 13:29 IST
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BENGALURU: The race to acquire scam-hit Punjab and Maharashtra Co-operative Bank (PMC) is heating up. Payments startup BharatPe and financial service firm Centrum are set to submit an aggressive bid to the RBI. The joint bid is said to have a proposal to pay back 100% to retail depositors, who want to withdraw, according to sources aware of the matter.
Though the final date for submitting bids was Monday, the RBI has extended the deadline to February 1 on request from UK’s Liberty Group, which had also submitted an expression of interest (EoI) to acquire the bank.
BharatPe may offer to pay back PMC Bank retail depositors in full: report
The BharatPe-Centrum combine is one of the four bidders that have made submissions to the Reserve Bank of India for acquiring PMC Bank. The other bidders include UK s Liberty Group and two independent business houses
BusinessToday.In | January 16, 2021 | Updated 23:17 IST
Digital payments platform BharatPe and financial services firm Centrum are expected to make an aggressive bid for the Punjab and Maharashtra Cooperative Bank (PMC Bank). The joint bid to RBI for the beleaguered urban cooperative lender may reportedly offer to pay back 100 per cent to retail depositors looking to withdraw.