What's in store for PMC depositors

They will probably get their money back through staggered payments, and part of it can be converted into equity.

Hundreds of employees of Centrum Financial Services Ltd and Resilient Innovations Pvt Ltd (better known for its brand BharatPe) have been busy these days in search of a name for the small finance bank that these two companies are setting up as a 50.10-49.90 per cent joint venture.

The Reserve Bank of India (RBI) has given in-principle approval for the new bank with an explicit understanding that Pun­jab and Maharashtra Cooperative (PMC) Bank, under moratorium since September 2019, will be merged with it.

Jaspal Bindra, the Centrum group boss, and Ashneer Grover, co-founder of Resilient Innova­tions, are the white knights tasked with