PMC – BharatPe offers to pay 100% to retail depositors

Payments startup BharatPe and financial service firm Centrum are set to submit an aggressive bid to the RBI. The joint bid is said to have a proposal to pay back 100% to retail depositors, who want to withdraw, according to sources aware of the matter.

Though the final date for submitting bids was, the RBI has extended the deadline to February 1 on request from UK’s Liberty Group, which had also submitted an expression of interest (EoI) to acquire the bank.

India-born British businessman Sanjeev Gupta-led Liberty Group had said that the recent cancellation of flights to India due to the Covid-19 new strain in the UK had made it difficult for the group to conduct due diligence on PMC Bank and prepare its bid in time. The two other independent business families, who had submitted EoIs to the RBI, are said to be out of the race.

“BharatPe and Centrum are finalising a strong bid. After submitting the bid, the RBI is expected to meet the bidders one-on-one to pick the winning offer,” a person aware of the matter said.