RBI granted approval to CFSL for taking over PMC Bank via SFB route

i.On June 18, 2021, the Reserve Bank of India (RBI) granted in-principle approval to Centrum Financial Services Limited (CFSL) to set up a Small finance bank (SFB).

ii.Through this SFB, Centrum will take over crisis- hit Punjab and Maharashtra Cooperative Bank (PMC) as a separate process.

ii.For the setting up of SFB, there will be capital infusion of Rs 1,800 crore by the Centrum Capital, holding entity for CFSL, and its partner BharatPe.

About BharatPe:

Establishment- 2018

Chief executive officer (CEO)- Ashneer Grover

Headquarter-Delhi

About Centrum Financial Services Limited:

Managing Director (MD) & CEO- RanjanGhosh

Headquarter-Mumbai

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