MUMBAI: In a relief for jittery depositors, all branches of the crisis-hit PMC Bank will now function as the branches of the Unity Small Finance Bank Ltd (USFBL) with the completion of the takeover that also marks the end of a more than two-year long RBI-led revival process.
With the government notifying the scheme of amalgamation of the Punjab and Maharashtra Cooperative Bank (PMC Bank) and the USFBL with effect from January 25, the bank's depositors can now withdraw their money in a phased manner or continue to have their accounts with the new entity.
