Unity Small Finance Bank of Centrum-BharatPe commences operations
Unity Small Finance Bank, founded by Centrum Group and fintech start-up Bharatpe, commenced operations as a Small Finance Bank (SFB. Unity Bank will take over the assets and liabilities of the Punjab and Maharashtra Co-operative Bank.
The consortium in February 2021 had expressed interest in taking over the scam-hit Punjab and Maharashtra Cooperative Bank (PMC Bank). The RBI had in June 2021 given in-principle approval to the consortium to acquire PMC Bank.
Unity Bank is going to be a digital first bank with a business model of collaboration and open architecture, uniting all its stakeholders to deliver a seamless digital experience.
The bank commences operations with Centrum's MSME and micro finance businesses and teams, a capital infusion of approximately Rs 1,100 crore, total assets of about Rs 2,400 crore, active customer base of over 2 lakhs and 145 offices, including a branch in Centrum House, Mumbai.