The Reserve Bank of India (RBI) is looking at an application filed by Centrum Financial Services and fintech start-up BharatPe for a license to set up a small finance bank and take over the crisis-ridden PMC Bank.
The Deputy Governor of the RBI quoted, "the application for a license is at an advanced stage of consideration. Once that final license is approved, we will very shortly be proceeding ahead."
The RBI in June had cleared the decks for its takeover by Centrum and BharatPe. PMC Bank had total deposits of Rs. 10,535.45 crore and total advances of Rs. 4,123 crore as of 31 March 2021, according to data on its website.