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By Malvika Gurung
Investing.com — The Authorities accepted merging the fraud-hit lender Punjab and Maharashtra Co-operative (PMC) Financial institution with the small finance financial institution Unity Small Finance Financial institution Restricted, a three way partnership between BharatPe and Centrum Monetary Providers Ltd.
As per RBI’s notification, all of PMC Financial institution’s belongings and liabilities, together with deposits can be transferred to the small finance financial institution USFBL, below the merger scheme.
The amalgamation between the 2 firms will come into impact from the date of notification on January 25, as all of PMC Financial institution’s branches too will perform as USFBL’s branches.
At first, the small finance financial institution can pay the insurance coverage cash acquired from Deposit Insurance coverage and Credit score Assure Company to all of the eligible depositors of PMC Financial institution at a ceiling of Rs lakh, to their deposit accounts.
Later, the retail depositors will have the ability to extract the stability in a phased method, withdrawing Rs 50,000 at finish of the primary yr, Rs 50,000 after two years, Rs 1 lakh on the finish of three years, Rs 2.5 lakh on the finish of 4 years and Rs 5.5 lakh on the finish of 5 years, as per a CNBC TV-18 report.
Over the subsequent 10 years, the depositors will have the ability to withdraw your entire quantity.
Curiosity at a ten% price can be paid yearly for the excellent quantities.
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