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The joint venture floated by Centrum Group and digital payments startup Bharatpe for launching a small finance bank will infuse Rs 1,800 Cr capital into troubled Punjab & Maharashtra Cooperative Bank (PMC) on its merger with the proposed bank, a top Centrum official has said.
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"We have set aside Rs 1,800 Cr for the SFB, which eventually will be pumped into PMC once the government scheme for merger is notified. Of the Rs 1,800 Cr, Rs 900 Cr will be invested in the first year by the joint venture split equally between the two and the remaining capital in stages," Jaspal Bindra, executive chairman of Centrum Group, told PTI