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Depositors will receive the full amount over 10 years


The proposed merger scheme contemplates the takeover of PMC Bank’s assets and liabilities, including deposits, by the USFB, thereby providing a greater degree of protection for depositors, the Reserve Bank of India said.

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According to the scheme, depositors at the bank will get their full amount back over a period of 10 years. The USFB is being established with a capital of approximately Rs 1,100 crore plus Rs 1,900 crore of warrants which can be converted over the next 8 years against the regulatory requirement of Rs 200 crore for the creation of such a bank, in accordance with the guidelines for on-the-fly licensing.

In accordance with the draft scheme, the USFB also has the option of merging or closing branches of PMC Bank.

Unity Small Finance Bank Ltd, a joint venture between Centrum Group and BharatPe, began operations as a small finance bank with effect from November 1, 2021.

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