Former CAG chief Vinod Rai, who grabbed headlines in his former avatar has been appointed as the independent chairman of the Unity Small Finance Bank (USFB).
It bears recall that PMC Bank is being amalgamated with Unity Small Finance Bank Ltd. (USFB), a banking company incorporated in India under Companies Act, 2013, and having its Registered Office in New Delhi. USFB has commenced operations with effect from November 1, 2021.
The draft scheme of amalgamation envisages takeover of the assets and liabilities of PMC Bank including deposits, by the USFB in terms of the provisions of the scheme giving a greater degree of protection for the depositors.
In a statement Unity bank said that Rai will add significant value to the board of Unity Bank.
Apart from Vinod Rai, USFB board includes former RBI official Sandip Ghose, former Syndicate Bank CMD Basant Seth and former RBL Bank chairman Subhash Kutte.
Meanwhile, Bloomberg reports that RBI has sent the final amalgamation proposal to the govt of India for approval, amidst objections to the draft proposal from various quarters.