Team of diverse investors puts in bid for embattled PMC Bank
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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.
Consortium of investors put in joint bid to acquire PMC Bank
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