Ray of hope for PMC depositors as Centrum roped in for revival

However, restrictions to continue for a while till Centrum gets the final approval

Nearly 21 months after restrictions were imposed on Punjab and Maharashtra Cooperative (PMC) Bank, there is good news for the depositors, finally. The Reserve Bank of India (RBI) has granted in-principle approval to Centrum Financial Services – a non-banking finance company headed by former chief executive of Standard Chartered's Asia Pacific operation, Jaspal Bindra - to set up a small finance bank (SFB). Centrum had put a bid to acquire the fraud-hit multi-state cooperative bank. The RBI said approval has been accorded in specific pursuance to the Centrum's offer of acquiring PMC Bank.

However, despite the approval, it will take