The Government of India on Tuesday notified the scheme for the amalgamation of the Punjab and Maharashtra Co-operative Bank Ltd. (PMC Bank) with Unity Small Finance Bank Ltd. (USFBL).
With this, the amalgamation has come into force with immediate effect, the Reserve Bank of India (RBI) said. All the branches of the PMC Bank will now function as branches of Unity Small Finance Bank Ltd.
“USFBL is making arrangements to implement the provisions of the scheme. The scheme envisages takeover of the assets and liabilities of PMC Bank, including deposits, by the USFBL,” the RBI added.
