Centrum To Take Over PMC Allowed By RBI, To Be Relaunched As Finance Bank In Joint Venture With BharatPe
- ByStartupStory | June 19, 2021
RBI allows Centrum to take over PMC and re-launch it as a small finance bank. Centrum Group Executive Chairman Jaspal Bindra said, Centrum hopes to complete the licence terms and conditions within the next 120 days, and seek the RBI’s final approval to launch the small finance bank and take over PMC. It will be launched as an equal joint venture with digital payments startup BharatPe.
RBI said in a statement regarding allowing Centrum to take over PMC “This in-principle approval has been accorded in specific pursuance to the Centrum Financial Services’ offer dated February 1, 2021, in response to the expression of interest notification issued on November 3, 2020, by PMC Bank.”
Centrum revealed in a statement, that it proposed SFB to be in equal partnership with BharatPe’s arm Resilient Innovations. Regarding the same BharatPe co-founder and Chief Executive Officer Ashneer Grover said “With Centrum as our partner, we are confident that we can create a technology-led SFB serving the payments, investment and credit needs of the under-served, both individuals as well as small businesses.”
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