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Synopsis This May, the Insolvency and Bankruptcy Code (IBC) completed five years since it was passed by Parliament. It was a law envisaged to give a quicker, time-bound alternative for recovery of bad loans for banks. Agencies This May, the Insolvency and Bankruptcy Code (IBC) completed five years since it was passed by Parliament. It was a law envisaged to give a quicker, time-bound alternative for recovery of bad loans for banks. Since its implementation, it has no doubt given an effective tool to recover loans but has not been able to live up to the expectations of a time-bound recovery. Following are the key numbers from the IBC journey so far. ....
: 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. ....
Three bids for PMC Bank have been received; evaluation underway: RBI Governor Premium (Reuters) Share Via Read Full Story Reserve Bank of India s governor Shaktikanta Das on Friday said that three bids for microlender Punjab Maharashtra Cooperative (PMC) Bank have been received and evaluation is underway. Das comments came post announcing RBI s bi-monthly policy review on Friday. TRENDING STORIESSee All 1 min read Premium 2 min read Premium India adds Sri Lanka in air bubble pact, passengers can now fly in 28 countries: Full list 1 min read Premium 2 min read . 12:17 PM IST I have been informed that three final offers have been received. I am given to understand that the PMC Bank itself is evaluating the offers, the RBI governor told reporters. ....
Potential investors include the Centrum Group-BharatPe combine and the UK-based Liberty Group Harried depositors of the scam-hit Punjab and Maharashtra Co-operative (PMC) Bank may be allowed to withdraw deposits in a phased manner, spread over 4-5 years, if it gets revived by an equity investor/ group of investors. Such a move will assure the investor of a relatively stable liability base (deposits) even as the new management goes about mobilising fresh deposits, in all probability under a new brand name, according to sources aware of the modalities of the revival plan. While the principal withdrawal could be in tranches of either 20 per cent of outstanding deposit each year over the next five years or 25 per cent over the next four years, existing depositors are likely to be allowed unfettered access to the accrued interest. ....
December 21, 2020 BharatPe, a third-party Unified Payments Interface player, has thrown its hat into the race to acquire the Punjab and Maharashtra Cooperative (PMC) Bank, and has joined forces with the Centrum Group for it, the Times of India reported. While the company has struggled to get a lending license from the Reserve Bank of India (RBI), if the offer is accepted it will leap frog BharatPe’s journey from a payments app to a bank overnight. In September 2019, it was revealed that PMC Bank had a ₹6,500 crore hole in its balance sheet, around 73% of its loan book. While the RBI swooped in to introduce restrictions on withdrawals and supersede the banks’ board by appointing an administrator, for the last two years the banks’ depositors have been struggling to move on due to the regulatory restrictions. ....