What happened to PMC bank now?

Once the SFB is floated, PMC Bank would be merged into it. The bank has been under All Inclusive Directions of the RBI from the close of its business on September 23, 2019, which has been extended till December 31, 2021. At present, the deposit withdrawal limit for PMC Bank has been capped at ₹1 lakh.

What happened to PMC bank account holders?

Depositors of stressed banks like Punjab & Maharashtra Cooperative (PMC) Bank are now set to get up to Rs 5 lakh back from November 30 as the government has notified the amendment to the DICGC Act. At present, it takes 8-10 years for the depositors of a stressed bank to get their insured money and other claims.

Will depositors get their money back from PMC bank?

Meanwhile, referring to the draft scheme of amalgamation, Unity SFB, in a statement, said, “96 per cent of all (PMC Bank) depositors will get immediate access to their full deposits, 99 per cent of the retail depositors to be paid in full by 5th year and 100 per cent of retail depositors to be paid in full by 10th year …

Did people lose money in PMC bank?

When India’s Punjab and Maharashtra Co-operative Bank (PMC) went under in 2019, nearly a million depositors were cut off from their life’s savings. One year later, many are still waiting for their money, reports the BBC’s Nidhi Rai.

Who will take over PMC Bank?

Unity Small Finance Bank
MUMBAI: The Reserve Bank on Monday came up with a draft scheme for the acquisition of Punjab and Maharashtra Cooperative (PMC) Bank by Delhi-based Unity Small Finance Bank (USFB).

Who is the PNC bank?

PNC is the product of a merger of two distinguished Pennsylvania banks in 1983: Pittsburgh National Corporation and Provident National Corporation based in Philadelphia.

Is PMC Bank going to merge?

Unity Small Finance Bank begins operations, paving way for merging PMC. Unity Small Finance Bank, the 51:49 joint venture between Centrum Group and payments app Bharatpe, on Monday launched their first branch that will go a long way in resolving the crippled cooperative PMC Bank by merging it with the new entity.

Is PMC Bank covered under Dicgc?

Depositors of 21 failed cooperative banks including PMC Bank will now get deposit insurance cover of upto Rs 5 lakh from Deposit Insurance and Credit Guarantee Corporation (DICGC). As per the amendment, DICGC will pay the depositors of the insured banks, upto Rs 5 lakh within 90 days of claim submission.

Is depositors money safe in PMC?

The Reserve Bank of India (RBI) has assured the Punjab and Maharashtra Cooperative (PMC) Bank depositors that their money is safe. RBI officials have told us that our money is safe.

Which bank is taking over PMC Bank?