{"id":18709,"date":"2022-01-27T19:28:44","date_gmt":"2022-01-27T13:58:44","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-unity-sfb-pmc-depositors\/"},"modified":"2022-01-27T19:50:30","modified_gmt":"2022-01-27T14:20:30","slug":"biz-unity-sfb-pmc-depositors","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-unity-sfb-pmc-depositors\/","title":{"rendered":"96% PMC Bank depositors to be paid upfront: Unity SFB"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1952820284\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p> Mumbai, Jan 27 (PTI) Unity Small Finance Bank, which has taken over the failed cooperative lender PMC Bank, on Thursday said all small depositors with under Rs 5 lakh of deposits &#8212; who form 96 per cent of the customer base &#8212; can take their entire money out now or keep it in the new bank and earn 7 per cent interest annually.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-4050982868\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> On January 25, the finance ministry had approved the merger of PMC Bank with Unity SFB, protecting it from liquidation and bringing relief to all stakeholders.<\/p>\n<p> Unity Small Finance Bank also said all the around 110\u00a0branches\u00a0of the merged bank and\u00a0over\u00a01,100\u00a0of its employees will operate under the new label now.\u00a0  \t Unity SFB said it will repay the full principal amount due to all depositors, as per the scheme of amalgamation, and all the\u00a096 per cent of depositors, who have up\u00a0to\u00a0Rs\u00a05 lakhs, will be paid upfront (subject to completion of the requirements as per Deposit Insurance and Credit Guarantee Corporation rules).<\/p>\n<p> However, those depositors who choose to retain their money with Unity SFB can earn 7 per cent annually.<\/p><div class=\"trade-content_5\" id=\"trade-914859211\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> Institutional depositors will receive preference shares worth 80 per cent of their deposits and equity share warrants for the remaining 20 per cent in lieu of their eligible deposit balances.\u00a0  \t The warrants will be converted into equity shares at the time of Unity&#8217;s IPO.<\/p>\n<p> Unity Small Finance Bank began operations in November 2021 with shareholders capital of Rs 1,100 and an asset based of over Rs 2400 crore.<\/p>\n<p> The promoters &#8212; Centrum Group and digital payments player BharatPe &#8212; have committed a total capital infusion of up to Rs\u00a03,000 crore. It has an active customer base of over 2 lakh now. PTI BEN  ABM ABM<\/p>\n<div class=\"trade-after-content\" id=\"trade-3124303955\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Mumbai, Jan 27 (PTI) Unity Small Finance Bank, which has taken over the failed cooperative lender PMC Bank, on Thursday said all small depositors with under Rs 5 lakh of deposits &#8212; who form 96 per cent of the customer base &#8212; can take their entire money out now or keep it in the new [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-18709","post","type-post","status-publish","format-standard","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>96% PMC Bank depositors to be paid upfront: Unity SFB - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-unity-sfb-pmc-depositors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"96% PMC Bank depositors to be paid upfront: Unity SFB\" \/>\n<meta property=\"og:description\" content=\"Mumbai, Jan 27 (PTI) Unity Small Finance Bank, which has taken over the failed cooperative lender PMC Bank, on Thursday said all small depositors with under Rs 5 lakh of deposits &#8212; 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