Unity Small Finance Bank has Taken Over PMC Bank Impacts

Hello Friends,

This is Good news for PMC account holder where there is a good hope for getting their back their hard earned money from the withheld PMC accounts.

There has been a recent news that the Unity Small Finance Bank has taken over the PMC Bank. This would result in your PMC bank account been migrated to Unity SFB. As part of the amalgamation scheme approved by RBI and the Government of India, along with the support of DICGC, as detailed in the open letter from Unity bank to PMC account holders, The PMC account holders will soon have the access to their funds.

The settlement process is as per the Government of India  -Sanctioned Punjab and Maharashtra Co-operative Bank Ltd (Amalgamation with Unity Small Finance Bank Lts) Scheme 2022. Based on the aggregate  eligible balance across PMC accounts in the "Same Capacity and Same Right" (As per the DICGC settlement procedure), the PMC account holder will be assigned to one the following groups to decide the eligibility.

Group C - Customers having less then Rs. 5 Lakhs Balance (Including interest accrued till 31st March 2021; Subject to claim approval & receipt of funds from DICGC)

Group B - Customers having Rs. 5 Lakhs to 15 Lakhs Balance (Including interest accrued till 31st March 2021; Subject to claim approval & receipt of funds from DICGC)

Group A - Customers having above Rs. 15 Lakhs Balance (Including interest accrued till 31st March 2021; Subject to claim approval & receipt of funds from DICGC)

For being eligible for the above the accounts would be transferred from PMC would transferred to Unity SFB. The PMC customers need to do the undergo the KYC procedure as per the bank norms.

The KYC can be done by visiting the existing PMC bank branch or by using the Unity Bank KYC app.

Source : https://theunitybank.com/docs/Retail_Depositor_Letter.pdf

I would keep this information updated as soon as more details are available on the same. Thanks for taking time to read this, hope this is helpful. 

Update 28/3/2022:

The account balances are now visible for the linked and verified PMC accounts on the Unity KYC application. The funds will soon be available for transfer and withdrawals based on the limits as detailed for Group A , Group B and Group C on approval from DICGC.

Update 19/4/2022:

The update as on today DICGC approval has been received for most of the customers. Also Unity Bank has started sharing new cheque books to the existing PMC Customers since last few days. The PMC account holder can withdraw amounts using cheques upto the limit of 5 lakhs. If Customer holds Fixed Deposit (FD) with bank, they have to surrender the FD slips to the bank and get the closure amount transferred to their saving account which can be used for withdrawal. By any case if customer has not received the  new cheque book. They can contact branch and get the amount transferred through NEFT/RTGS. At last some good work shown by the bank and relief to its customers. Still Funds above 5 lakhs will be kept locked by the bank and would be released within next 5 years as per the government plan. The Unity KYC app does not allow withdrawals yet, Customer has to visit branch for the same.

Regards,

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