Row over PMC bank; RBI gives in-principle approval to CFSL to set up Small Finance Bank (SFB)

New Delhi: The Reserve Bank of India on Monday said it had given "in-principle" approval to one Centrum Financial Services Ltd (CFSL) to set up a small finance bank (SFB). It will take over the beleaguered Punjab and Maharashtra Cooperative Bank (PMC Bank) very soon. Senior Counsel Jayant Mehta representing RBI, sought time to file an affidavit in this regard.
The Bench of Justice DN Patel and Justice Jyoti Singh, on Monday, after taking note of the submission on behalf of the RBI, adjourn the matter for August. The interim application was filed in the pending petition filed by Bejon Kumar Misra, challenging withdrawal limits in Punjab and Maharashtra Cooperative (PMC) Bank. Watch Now!
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