The Deposit Insurance and Credit Guarantee Corporation (DICGC) on Thursday said it has settled the main claim aggregating Rs 3,791.55 crore of Punjab & Maharashtra Cooperative Bank Ltd (PMCBL) for 8,47,506 traceable depositors.
Unity SFB has instantly credited the deposit sum in all those depositors’ bank accounts with their holders sending confirmation of their credit balance on the Unity Bank App. DICGC has asked depositors of the erstwhile PMCBL (transferor bank) to contact the transferee bank (Unity Small Finance Bank) for receipt of their claim amount.
Scam-hit PMCBL was merged with Unity SFB with effect from January 25, 2022 (the appointed date for the merger), as per a scheme of amalgamation.
How Much Will PMC Account Holders Get?
Under the scheme of amalgamation, Unity SFB will pay the amount it receives from DICGC to all the eligible retail depositors of PMCBL (transferor bank), which would be an amount equal to the balance in their deposit accounts or Rs 5 lakh, whichever is less.
Depositors with deposits over Rs 5 lakh will get their monies, depending on their balances, over 10 years from the appointed date. No interest on any of the interest-bearing deposits with the transferor bank will accrue after March 31, 2021, for a period of five years from the appointed date.
Thereafter, simple interest at the rate of 2.75 per cent per annum will be paid at the end of each year for the amounts remaining outstanding which will be payable from the date after five years from the appointed date.
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