PMC Bank depositors get a better deal thanks to Sahakar Bharati

PMC Bank depositors get a better deal thanks to Sahakar Bharati

The depositors of the troubled Punjab and Maharashtra Cooperative PMC Bank have been offered a better deal thanks to the Sahakar Bharati, a forum of cooperative societies founded by Reserve Bank of India RBI board member Satish Marathe. The proposed merger of PMC Bank with Unity Small Finance Bank was announced by Reserve Bank of India and proposed a sharp haircut for depositors. The plan was announced in November last year and required depositors of more than 5 lakh to wait for upto 10 years to get their money back. Business Standard has always been committed to providing up-to-date information and commentary on developments that are of interest to the country and the world and have wider political and economic implications for the country and the world. Your encouragement and feedback on how to improve our offering has made our resolve and commitment to these ideals stronger. Even during the difficult times arising out of Covid-19, we will continue to keep you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

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