InvestorQ : Can you tell me about Centrum Group takeover of PMC Bank?
Lavanya Subramanian made post

Can you tell me about Centrum Group takeover of PMC Bank?

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Anamika Sodhani answered.
6 months ago
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A joint venture between Centrum Capital and BharatPe, will infuse $250 million into PMC Bank over next two years. Creation of a small finance bank SFB was one of the pre-conditions to the takeover of PMC Bank. Centrum Capital has seen a major stake taken by Jaspreet Bindra, who was formerly the country head of Standard Chartered in India. It is now almost 2 years since PMC Bank has been under restrictions for the accounting probe.

By the fourth quarter of FY21, PMC Bank is expected to be fully operational. Once the deal is done, BharatPe will be able to roll out secured loans to its merchant base. The plan is to leverage the license of PMC Bank to offer differentiated services and also create India’s first fully digital bank.

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