In January 2022, the Punjab and Maharashtra Co-operative bank has been merged with which bank?

Correct option is A

Sol: The correct answer is (a) Unity Small Finance Bank

Key Points:

In January 2022, the Punjab and Maharashtra Co-operative Bank (PMC Bank) was merged with Unity Small Finance Bank (USFB). This decision was taken to safeguard the interests of PMC Bank's depositors and to stabilize the banking operations after the financial crisis faced by PMC Bank.

• Unity Small Finance Bank is a joint venture between BharatPe and Centrum Financial Services.
• The Reserve Bank of India (RBI) approved this merger under a scheme to ensure a seamless transition for depositors.

Information booster:

Ujjivan Small Finance Bank:

• Ujjivan Small Finance Bank is a prominent small finance bank in India, established in 2017.
• It primarily focuses on providing financial services to the underserved and unbanked population, especially in rural and semi-urban areas1.
• The bank offers a wide range of products and services, including savings accounts, fixed deposits, personal loans, microloans, business loans, and microinsurance

AU Small Finance Bank:

• AU Small Finance Bank, headquartered in Jaipur, Rajasthan, is one of India's largest small finance banks.
• It was established in 1996 as Au Financiers (India) Ltd and converted into a small finance bank on April 19, 2017.
• The bank focuses on providing financial services to the underserved and unbanked population, especially in rural and semi-urban areas

​Capital Small Finance Bank:

• Capital Small Finance Bank, headquartered in Jalandhar, Punjab, is one of India's pioneering small finance banks.
• It was established in 2000 as Capital Local Area Bank and received its license to operate as a small finance bank from the Reserve Bank of India (RBI) in April 20161.
• The bank focuses on providing financial services to underserved and unbanked populations, especially in rural and semi-urban areas