BharatPe reveals plan to bid for PMC Bank
On January 16, Bharat Pe and financial services firm Centrum had jointly submitted a bid to the Reserve Bank of India to acquire PMC Bank
BusinessToday.In | January 18, 2021 | Updated 20:38 IST
BharatPe to bid for PMC Bank
Amid ongoing speculation over the acquisition of Punjab and Maharashtra Cooperative (PMC) Bank, digital payments platform BharatPe has reportedly confirmed that it is looking to buy the crisis-hit cooperative lender.
BharatPe has revealed its plan to acquire the PMC Bank in an interview to CNBC-TV18. On January 16, BharatPe and financial services firm Centrum had jointly submitted a bid to acquire PMC Bank.
BharatPe may offer to pay back PMC Bank retail depositors in full: report
The BharatPe-Centrum combine is one of the four bidders that have made submissions to the Reserve Bank of India for acquiring PMC Bank. The other bidders include UK s Liberty Group and two independent business houses
BusinessToday.In | January 16, 2021 | Updated 23:17 IST
Digital payments platform BharatPe and financial services firm Centrum are expected to make an aggressive bid for the Punjab and Maharashtra Cooperative Bank (PMC Bank). The joint bid to RBI for the beleaguered urban cooperative lender may reportedly offer to pay back 100 per cent to retail depositors looking to withdraw.
Centrum may submit formal bid to acquire PMC Bank next week
BharatPe and Centrum Group are among four groups that have made the submissions to the Reserve Bank of India (RBI) for the acquisition of PMC Bank
BusinessToday.In | January 14, 2021 | Updated 19:04 IST
Last date for submission of EoIs for PMC Bank was December 15, 2020
Financial services firm Centrum Group plans to make a formal bid for the crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank next week. The two-decade old integrated financial services group had submitted an expression of interest (EoI) along with payments company BharatPe in December to collectively take over the Mumbai-headquartered cooperative bank. Both Bharat Pe and Centrum will hold equal stake in PMC Bank if they successfully acquire it.
BENGALURU: Merchant payments startup BharatPe and financial services firm Centrum Group have submitted a joint expression of interest (EoI) to the Reserve Bank of India (RBI) to take over scam-hit Punjab and Maharashtra Cooperative (PMC) Bank, a source aware of the matter said. Centrum Group is co-promoted by Jaspal Bindra, a former Standard Chartered honcho. BharatPe and Centrum will hold equal stakes in the venture.
Sources added Ludhiana-born British businessman Sanjeev Gupta’s Liberty House Group has also submitted an EoI to the RBI. The central bank has got four EoIs for PMC Bank. The identities of the other two contenders are not known yet. On Friday, the RBI extended the restrictions on PMC bank till March 2021, by when it is expected to study the proposals of the suitors.
December 21, 2020
BharatPe, a third-party Unified Payments Interface player, has thrown its hat into the race to acquire the Punjab and Maharashtra Cooperative (PMC) Bank, and has joined forces with the Centrum Group for it, the Times of India reported. While the company has struggled to get a lending license from the Reserve Bank of India (RBI), if the offer is accepted it will leap frog BharatPe’s journey from a payments app to a bank overnight.
In September 2019, it was revealed that PMC Bank had a ₹6,500 crore hole in its balance sheet, around 73% of its loan book. While the RBI swooped in to introduce restrictions on withdrawals and supersede the banks’ board by appointing an administrator, for the last two years the banks’ depositors have been struggling to move on due to the regulatory restrictions.