CURRENT AFFAIRS

Detailed explanation-1: -Press Releases. The Government of India has today sanctioned and notified the Scheme for the amalgamation of the Punjab and Maharashtra Co-operative Bank Ltd. (PMC Bank) with Unity Small Finance Bank Ltd.

Detailed explanation-2: -The RBI on June 18, 2021 granted “in-principle” approval to Centrum Financial Services Limited to set up a small finance bank (SFB), paving the way for the entity to take over the crisis-ridden PMC Bank. Following this, the PMC Bank branches started operating as Unity Small Finance Bank Ltd.

Detailed explanation-3: -1998 NASDAQ Stock Exchange Unity Bancorp began trading on the NASDAQ stock exchange under the symbol “UNTY.” 1999 Officially Named Unity Bank First Community Bank changed its name to Unity Bank!

Detailed explanation-4: -In August 2021, RBI had declined the joint merger proposal of the Maharashtra State Co-op Bank (MStC) and Rupee Bank.

Detailed explanation-5: -Unity Small Finance Bank is currently owned by a consortium of Centrum Financial Services and fintech BharatPe’s parent, Resilient Innovations, with the latter holding 49%. Centrum Financial was granted a small finance bank licence by Reserve Bank of India in November 2021.