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    532149   INE084A01016

BANK OF INDIA LIMITED

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India's central bank approves takeover of fraud hit PMC Bank

06/18/2021 | 06:52am EDT
FILE PHOTO: A man walks out from a Punjab and Maharashtra Co-operative Bank branch in Mumbai

MUMBAI (Reuters) - The Reserve Bank of India has given its in-principle approval to Centrum Financial Services Limited to take over the troubled Punjab and Maharashtra Co-operative Bank, it said in a statement on Friday.

Financial services firm Centrum will be allowed to set up a small finance bank (SFBs) with the PMC takeover.

SFBs are niche lenders introduced in the Indian banking system by the RBI that are meant to further financial inclusion.

In September 2019, the central bank had put curbs on the PMC bank after finding financial irregularities such as under-reporting of bad loans.

(Reporting by Nupur Anand; Editing by Alex Richardson)


ę Reuters 2021
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Financials
Sales 2022 224 B 3 011 M 3 011 M
Net income 2022 33 805 M 454 M 454 M
Net Debt 2022 - - -
P/E ratio 2022 7,60x
Yield 2022 2,43%
Capitalization 269 B 3 614 M 3 612 M
Capi. / Sales 2022 1,20x
Capi. / Sales 2023 1,11x
Nbr of Employees 51 459
Free-Float 9,66%
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Managers and Directors
Atanu Kumar Das Chief Executive Director, MD & Executive Director
Shankar Sen Chief Financial Officer
Rajesh V. Upadhya Secretary & Compliance Officer
Dakshita Das Director
Subrata Das Director