Unity Small Finance Bank pays Rs 3,800 crore to 8.5 lakh PMC Bank depositors

Unity Small Finance Bank paid around Rs 3,800 crore to depositors of the scam-hit Punjab and Maharashtra Co-operative Bank (PMC Bank) after the Deposit Insurance and Credit Guarantee Corporation (DICGC) had certified about 850,000 such valid accounts earlier in the day.

“Unity SFB received from DICGC a certified list of erstwhile PMC Bank depositors who are eligible to receive up to Rs.5 lakh of their deposits, post banking hours,” Jaspal Bindra, executive chairman, Centrum Group told.

A depositor received her money subject to a maximum ceiling of Rs5 lakh as per the insurance cover. This means, if the total deposit outstanding is less than the benchmark size, the saver receives the full money back.

Unity SFB has instantly credited the deposit sum in all those depositors’ bank accounts with their holders sending confirmation of their credit balance on the Unity Bank App.

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