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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.
Three bids for PMC Bank have been received; evaluation underway: RBI Governor
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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.
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. 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.