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After PMC takeover, Centrum allowed to set up Small Finance Bank

By IndianMandarins- 19 Jun 2021


New Delhi (19.06.2021): Centrum Financial Services Ltd, which had taken over the Punjab and Maharashtra Cooperative Bank (PMC) after the latter crashed, has received the RBI's in-principle approval to set up a Small Finance Bank.

Readers may recall that the RBI in September 2019 had put severe curbs on PMC Bank, including on cash withdrawals, amid a probe into its accounting lapses. Cash withdrawals were initially capped at Rs 1,000 per account for six months but gradually relaxed to Rs 100,000 in June last year.

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