New Delhi, 2 Nov (KNN) The group executive chairman and also the non-executive chairman of Unity Bank, Jaspal Bindra told the press that the small finance bank begins operations with over INR 1,100 crore of equity capital, over 2 lakh customers and an asset base of over INR 2,400 crore which comes from the existing MSME and MFI credit business of the Centrum Group.

The Unity Small Finance Bank Ltd is promoted by Centrum Financial Services Ltd and Resilient Innovations Pvt. Ltd (BharatPe), merging Punjab and Maharashtra Cooperative (PMC) Bank, a multi-state cooperative lender which was about to collapse when the Reserve Bank of India seized it on 24 September 2019.

As per reports, Centrum Financial Services and BharatPe had submitted a joint proposal to take over PMC Bank in February.

Centrum Financial Services provides credit to small and mid-sized companies ranging from INR 2 lakh to INR2 crore. Both the parties, Centrum Financial Services and Resilient Innovations Pvt. Ltd, which operates BharatPe, will be an equal partner in the Unity Small Finance Bank.

After the operationalisation of the bank, the Reserve Bank of India will draft a scheme pertaining to the amalgamation of PMC Bank with the new small finance bank.

This will then go to the government for approval and official notification.