PMC depositors move SC against final merger plan with Unity SFB

Among other haircut terms, depositors have to wait for 10 years to get back their money if the amount is more than Rs 15 lakh

Depositors of Punjab and Maharashtra Cooperative (PMC) Bank are planning to move the Supreme Court against the final merger scheme with Unity SFB, which the government approved on Tuesday.

The final scheme was released on Tuesday with some minor tweaks to the draft scheme, which was announced in November last year. The board scheme was unchanged, which proposed depositors taking steep haircuts as they will have to wait for another 10 years to get back the entire money if the amount is more than Rs 15 lakh. Worse, they will not get any interest rate for nearly six years as interest