Reserve bank of india governor, Bank

Mumbai, June 18 With the Reserve Bank of India (RBI) giving an "in-priciple" approval to Centrum Financial Services for setting up a small finance bank (SFB), both Centrum and BharatPe are ready to take over the crisis-ridden Punjab & Maharashtra Co-Operative (PMC) Bank as equal partners.The RBI on Friday gave an in-principle approval to Centrum Financial Services Ltd (Centrum), the established NBFC arm of the Centrum Group, to establish a SFB. Resilient Innovations Private Ltd (BharatPe), a fintech major, will be an equal partner, said a joint statement by both the companies.It said that the SFB will be guided by the directions and timelines of the RBI on the amalgamation of Punjab & Maharashtra Co-Operative Bank Ltd.Centrum Group Executive Chairman Jaspal Bindra said: "We are delighted that a new banking license will be issued to a NBFC after a gap of nearly six years and would like to thank the RBI for the opportunity and confidence shown in us. We are excited to partner with BharatPe to create this new age bank, with a strong team."BharatPe CEO and Co-Founder, Ashneer Grover, said: "We are delighted at the opportunity to build a high performing technology-led small finance bank serving the payment, investment and credit needs of the under-served. With Centrum as our partner, we are confident that we can create a world-class institution that provides a differentiated and superlative experience to retail customers as well as small businesses."The RBI, in a statment on Friday, also said that it will consider granting a licence for commencement of banking business under Section 22 (1) of the Banking Regulation Act, 1949, on being satisfied that the applicant has complied with the requisite conditions laid down by it as part of "in principle" approval.In March, the RBI had further extended the restrictions on the PMC Bank till June 30. The central bank had then said that the process of reconstruction will be commenced as soon as the aforesaid objectives are achieved to the best possible extent.The PMC Bank had received binding offers from certain investors for its reconstruction, in response to the EOI dated November 3, 2020 floated by the bank.The RBI and the PMC Bank are presently engaging with prospective investors in order to secure best possible terms for the depositors and other stakeholders while ensuring long term viability of the reconstructed entity, the RBI had said in March, adding that given the financial condition of the PMC Bank, the process is complex and is likely to take some more time.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Reserve Bank Of India GovernorFOLLOW

Reserve bank of india governor, Latest News

Mumbai, June 24 To infuse greater transparency along with a uniform practice, the Reserve Bank of India on Thursday ... ...

New Delhi, June 24 Ratings agency S&P Global Ratings on Thursday lowered India's economic growth forecast to 9.5 ... ...

S&P Global Ratings on Thursday revised its GDP growth forecast for India to 9.5 per cent for the fiscal year ending March 31, 2022 due to a severe Covid-19 pandemic wave. ...

The World Bank (WB) has estimated that poverty in Pakistan has increased from 4.4 per cent to 5.4 per cent in 2020, as over two million people have fallen below the poverty line. ...

The Tamil Nadu government will constitute an 'Economic Advisory council' to the Chief Minister comprising Nobel laureates, former Reserve Bank of India governor, and other economic experts from around the globe. ...

The board of directors at Reliance Home Finance (RHF) on Monday took note of a resolution plan approved by lenders under the Reserve Bank of India's (RBI's) prudential framework for resolution of stressed assets. ...

New Delhi, June 19 Reserve Bank of India's repo rate is expected to remain unchanged during FY22, said ... ...

Mumbai, June 18 With the Reserve Bank of India (RBI) giving an "in-priciple" approval to Centrum Financial Services ... ...