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After PMC takeover, Centrum allowed to set up Small Finance Bank
By IndianMandarins- 19 Jun 2021
1009New Delhi (19.06.2021): Centrum Financial Services Ltd, which had taken over the Punjab and Maharashtra Cooperative Bank (PMC) after the latter crashed, has received the RBI's in-principle approval to set up a Small Finance Bank. Readers may recall that the RBI in September 2019 had put severe curbs on PMC Bank, including on cash withdrawals, amid a probe into its accounting lapses. Cash withdrawals were initially capped at Rs 1,000 per account for six months but gradually relaxed to Rs 100,000 in June last year.
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After PMC takeover, Centrum allowed to set up Small Finance Bank
By IndianMandarins - 2021-06-19 11:58:00
New Delhi (19.06.2021): Centrum Financial Services Ltd, which had taken over the Punjab and Maharashtra Cooperative Bank (PMC) after the latter crashed, has received the RBI's in-principle approval to set up a Small Finance Bank.
Readers may recall that the RBI in September 2019 had put severe curbs on PMC Bank, including on cash withdrawals, amid a probe into its accounting lapses. Cash withdrawals were initially capped at Rs 1,000 per account for six months but gradually relaxed to Rs 100,000 in June last year.
