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PMC Bank customers not to get Rs 5 lakh deposit cover in first lot

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PMC Bank customers not to get Rs 5 lakh deposit cover in first lot

Customers of stressed Punjab & Maharashtra Co-Operative Bank (PMC Bank) will not get up to Rs 5 lakh insurance cover in the first lot as the multi-state co-operative bank is under the resolution process.
Deposit Insurance and Credit Guarantee Corporation (DICGC) in the first lot will pay customers of 20 stressed banks except PMC Bank. For the first lot, the mandatory 90 days period concludes on November 30.
It is to be noted that RBI had in June given

in-principle approval to a consortium of Centrum Financial Services and fintech startup BharatPe to acquire the stressed PMC Bank.
Clearing decks for the takeover, the RBI earlier this month gave licence for small finance bank to the consortium.
Recently, the DICGC said there may be a need to invoke the provisions of Section 18 A (7) (a) of the Deposit Insurance and Credit Guarantee Corporation (Amendment) Act, 2021,
As per the Section 18 A (7) (a) of the Act, if a stressed bank is under the resolution process, the period for …

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