Co-op societies are not banks, RBI cautions

The Reserve Bank of India (RBI) has cautioned members of the public not to deal with co-operative societies undertaking banking business by adding ‘bank’ to their names. “The Banking Regulation Act, 1949 was amended by the Banking Regulation (Amendment) Act, 2020, which came into force on September 29, 2020. Accordingly, co-operative societies cannot use the … Read more

PMC’s bad loans pose major challenge for new promoters

The Centrum Group promoted by Jaspal Bindra, which has got the go-ahead to take over the Punjab and Maharashtra Cooperative (PMC) Bank, is going to face an uphill task to make recoveries to repay the depositors of the bank. The bank is fighting several legal cases against 25 companies associated with Housing Development and Infrastructure … Read more

Centrum Finance-Bharat Pe set to acquire PMC Bank

In what could bring relief to thousands of depositors, RBI on Friday granted an in-principle small finance bank licence to Centrum Finance as part of its resolution for the Punjab and Maharashtra Cooperative Bank. Centrum Finance, upon conversion to a small finance bank, will acquire the business of PMC Bank that has been under a … Read more