Punjab and Maharashtra PMC depositors slam merger scheme

Punjab and Maharashtra PMC depositors slam merger scheme

The PMC Depositors Association, which represents more than 500 depositors of the troubled The Punjab and Maharashtra Cooperative PMC Bank, has called the Reserve Bank of India's proposed amalgamation with Unity Small Finance Bank as shamefully insensitive and said the scheme is no less than a cruel joke played on the depositors. The proposed scheme, announced last week, requires depositors of the troubled lender with deposits of more than 5 lakh to wait 5 to 10 years to get their principal amount back. Interest will not be accrued on deposits for Business Standard, which has always tried to provide up-to-date information and commentary on developments that are of interest to you 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 stronger. Even during the difficult times arising out of Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

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