BharatPe reveals plan to bid for PMC Bank
On January 16, Bharat Pe and financial services firm Centrum had jointly submitted a bid to the Reserve Bank of India to acquire PMC Bank
BusinessToday.In | January 18, 2021 | Updated 20:38 IST
BharatPe to bid for PMC Bank
Amid ongoing speculation over the acquisition of Punjab and Maharashtra Cooperative (PMC) Bank, digital payments platform BharatPe has reportedly confirmed that it is looking to buy the crisis-hit cooperative lender.
BharatPe has revealed its plan to acquire the PMC Bank in an interview to CNBC-TV18. On January 16, BharatPe and financial services firm Centrum had jointly submitted a bid to acquire PMC Bank.
Centrum may submit formal bid to acquire PMC Bank next week
BharatPe and Centrum Group are among four groups that have made the submissions to the Reserve Bank of India (RBI) for the acquisition of PMC Bank
BusinessToday.In | January 14, 2021 | Updated 19:04 IST
Last date for submission of EoIs for PMC Bank was December 15, 2020
Financial services firm Centrum Group plans to make a formal bid for the crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank next week. The two-decade old integrated financial services group had submitted an expression of interest (EoI) along with payments company BharatPe in December to collectively take over the Mumbai-headquartered cooperative bank. Both Bharat Pe and Centrum will hold equal stake in PMC Bank if they successfully acquire it.
BENGALURU: Merchant payments startup BharatPe and financial services firm Centrum Group have submitted a joint expression of interest (EoI) to the Reserve Bank of India (RBI) to take over scam-hit Punjab and Maharashtra Cooperative (PMC) Bank, a source aware of the matter said. Centrum Group is co-promoted by Jaspal Bindra, a former Standard Chartered honcho. BharatPe and Centrum will hold equal stakes in the venture.
Sources added Ludhiana-born British businessman Sanjeev Gupta’s Liberty House Group has also submitted an EoI to the RBI. The central bank has got four EoIs for PMC Bank. The identities of the other two contenders are not known yet. On Friday, the RBI extended the restrictions on PMC bank till March 2021, by when it is expected to study the proposals of the suitors.
Bharat Pe, Centrum in race to acquire PMC Bank; submit joint EoI to RBI
Bharat Pe and Centrum Group are among four groups which have made the submissions to the Reserve Bank of India (RBI) for the acquisition. Meanwhile, both Bharat Pe and Centrum will hold equal stakes in the venture
BusinessToday.In | December 21, 2020 | Updated 13:48 IST
If successful, the acquisition will boost Bharat Pe s lending business as it targets to build a Rs 5,000 crore loan book in two years
Indian QR code-based payment app Bharat Pe and financial services company Centrum Group have reportedly submitted a joint expression of interest (EoI) to the Reserve Bank of India (RBI) to collectively take over the troubled Punjab and Maharashtra Cooperative (PMC) Bank.
Synopsis
If successful, an acquisition will boost BharatPe’s lending business. It aims to build a Rs 5,000-crore loan book in two years
(This story originally appeared in on Dec 21, 2020)Merchant payments startup BharatPe and financial services firm Centrum Group have submitted a joint expression of interest (EoI) to the Reserve Bank of India (RBI) to take over scam-hit Punjab and Maharashtra Cooperative (PMC) Bank, a source aware of the matter said. Centrum Group is co-promoted by Jaspal Bindra, a former Standard Chartered honcho. BharatPe and Centrum will hold equal stakes in the venture.
Sources added Ludhiana-born British businessman Sanjeev Gupta’s Liberty House Group has also submitted an EoI to the RBI. The central bank has got four EoIs for PMC Bank. The identities of the other two contenders are not known yet. On Friday, the RBI extended the restrictions on PMC bank till March 2021, by when it is expected to study the proposals of the suitors.