PMC Bank Bid: BharatPe may repay 100% to retail depositors

In a joint bid for Punjab and Maharashtra Co-operative (PMC) Bank, BharatPe and Centrum could pay back 100% retail depositors, who want to withdraw.

The Times of India reported that Bharat Pe and Centrum have submitted a combined offer for the lender. “BharatPe and Centrum are finalizing a strong bid. After submitting the bid, the RBI is expected to meet the bidders one-on-one to pick the winning offer,” a source told the newspaper.

The Reserve Bank of India (RBI) has not responded to queries sent by The Times of India.

Liberty Group led by Sanjeev Gupta, which had also submitted a bid for PMC Bank, the cancellation of flights between India and the UK had made conducting due diligence difficult, the report said.

According to the report, the RBI had extended the deadline for bids to 1st February 2021 after a request by Liberty Group

A spokesperson of the Liberty Group and BharatPe co-founder Ashneer Grover refused to comment.

The report also included two other independent business families who had submitted an expression of interest (EoIs) for PMC Bank.

The Central Bank on 18th December 2020 said PMC Bank had received four expressions of interest and also extended the restrictions on the lender to 31st March 2021.

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