RBI has extended Direction on Punjab and Maharashtra Cooperative Bank for a further period from January 1, 2022 to March 31, 2022, in the wake of the process of amalgamation of the UCB being underway.
It bears recall that Reserve Bank of India had prepared a draft scheme of amalgamation of
PMC Bank with Unity Small Finance Bank Ltd. (USFB). The draft scheme was placed in public domain on November 22, 2021 inviting suggestions and objections, till December 10, 2021, from members, depositors and other creditors of transferor bank (PMC) and transferee bank (USFB).
Further action with regard to sanction of the scheme is under process, says RBI. All other terms and conditions of the Directives under reference shall remain unchanged.