Sahakar Bharati welcomes RBI in-principle nod for Centrum: Huge relief to PMC Bank depositors

Lauding the step of RBI to grant “In-principle” approval to Centrum Financial Services Limited to set up a Small Finance Bank, Sahakar Bharati has thanked Finance Minister Nirmala Sitaraman and the Apex Bank for this timely decision which raises hopes of hapless depositors of PMC Bank.
Sahakar Bharati National General Secretary Dr Uday Joshi called it “A Welcome Relief to PMC Depositors”. Sahakar Bharati has also expressed Special Thanks to Hon Nirmala Sitharaman & FM, Shri Shaktikanta Das, Governor, RBI. Joshi commented that constant follow up and efforts of several Organisations of PMC Depositors and Sahakar Bharati has at last materialised.
This “in-principle” approval has been accorded in specific pursuance to Centrum Financial Services Limited’s offer dated February 1, 2021, in response to the Expression of Interest notification dated November 3, 2020, published by the Punjab & Maharashtra Co-operative Bank Ltd.
The RBI statement says that it has been decided to grant “in-principle” approval to Centrum Financial Services Limited (the applicant) to set up a small finance bank under general “Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector” dated December 5, 2019.