RBI Grants Licence to Unity Small Finance Bank
On 12th October, 2021, the Reserve Bank of India granted a small finance bank (SFB) license to the Unity Small Finance Bank (USFBL), an equal joint venture between Centrum Financial Services and BharatPe.
- The bank will now take over the assets and liabilities of Punjab & Maharashtra Cooperative Bank Ltd.
- This is the second step in the resolution process for PMC Bank, after the RBI granted the consortium of Centrum and BharatPe an in-principle approval to take over the assets of the insolvent lender.
- Centrum Financial Services will hold 50.1% stake, while BharatPe will hold 49.9% in the small finance bank. ....
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