Longer wait for depositors as RBI extends curbs on PMC Bank till Dec 31

There was considerable buzz among depositors after RBI gave in-principle nod to Centrum Financial Services and BharatPe to set up an SFB in lieu of a restoration scheme of PMC Bank

Depositors stuck in Punjab and Maharashtra Cooperative (PMC) Bank, which went under in 2019, might have to wait till next year to be able to decide on their money because the Reserve Bank of India (RBI) extended its restrictions on the bank till December end, “subject to review”.

There was considerable buzz among depositors after the RBI gave “in principle” approval to Centrum Financial Services, a step-down arm of Centrum Group, and to digital payments provider BharatPe, run by Resilient Innovations, to set up a small finance bank (SFB).

The approval was in lieu of a restoration scheme of PMC Bank.

The RBI