BharatPe puts in joint bid to acquire PMC Bank: Report

Fintech platform BharatPe has put in a joint bid with financial services firm Centrum to acquire Punjab and Maharashtra Cooperative Bank, the company’s CEO
confirmed in an interview with CNBC-TV 18.

PMC Bank has been embroiled in scams over alleged irregularities in certain loan accounts, especially to realty developer Housing Development & Infrastructure Ltd. It is also being investigated by the Enforcement Directorate in a money-laundering case.

The joint bid is said to have a proposal to
pay back 100% to retail depositors, who want to withdraw, The Times of India reported last week.

Three other contenders in the race to acquire PMC include UK’s Liberty Group.

Last week, BharatPe
picked up Rs 90 crore from the venture debt firm Alteria Capital and an additional Rs 49 crore from ICICI Bank. The company intends to raise Rs 250 crore as part of this debt round.

The PMC acquisition is expected to boost Bharat Pe’s lending business as the platform aims to build a Rs 5,000-crore loan book in two years.


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