After 2 years of struggle, a break has come for BMC Bank, which went bankrupt with the Warak loan, and the people who have made several thousand deposits with the bank.
PMC Bank, which has been in operation for 37 years, is to be jointly acquired by NBFC Centrum Accounting and 3-year start-up Barthby.
Banks in India continue to go bankrupt due to credit fraud. This situation has been resolved for PMC Bank, which has been under the control of the Reserve Bank since 2019.
Solution for PMC Bank
The Reserve Bank of India (RBI) has selected NBFC centrum finance and Fintech start-up Barthbay in a bid to field BMC.
Small Accounting Bank
In addition, the Reserve Bank of India (RBI) has revoked the NBFC license of Centrum Finance and issued the SFB license to transform PMC Bank into a small finance bank.
PMC Bank – HDIL Institutional Credit
BMC Bank management has improperly lent about 73 per cent of its total loan amount of Rs 8,880 crore, or Rs 6,500 crore, to Vanwan’s HDIL, which has been embroiled in various loan frauds. As a result, the company’s finances plummeted.
Position of PMC Bank
BMC Bank, which has been under the control of the Reserve Bank since 2019, reported a net loss of Rs 6,835 crore in fiscal 2020 and a net worth of Rs 5,850 crore.
Deposit amount of people
In this predicament, BMC Bank has a public deposit of Rs 10,723 crore. Meanwhile, Warak has a debt of Rs 6,500 crore. In this case, it is based on the decision of the Reserve Bank to know how much money anyone will get.
120 day grace period
The Reserve Bank of India (RBI) has given a 120-day grace period to the Barbie Alliance, a central finance and fintech start-up that currently owns BMC Bank. PMC Bank should be transformed into a small finance bank within this period.
1800 crore new investment
Meanwhile, Centrum Accounting and the Barbie Alliance have announced a new investment of about Rs 1800 crore in BMC Bank. It is noteworthy that Indian startups have taken over a number of companies in the Indian banking and financial services sector.
Target 2025: New policy of the Government of Tamil Nadu to attract Pintech companies ..!
The Government of Tamil Nadu under the leadership of Chief Minister Stalin has released the Tamil Nadu Pintech Policy 2024 with the objective of transforming Tamil Nadu into a state for international Pintech companies by 2025.
The Government of Tamil Nadu has announced in its policy that it will not only provide all the infrastructure required for Pintech companies but also provide incentives.
The Government of Tamil Nadu has announced in its policy that it will not only provide all the infrastructure required for Pintech companies but also provide incentives.
Pintech City
The Government of Tamil Nadu sees the Pintech sector as one of the fastest growing sectors in Tamil Nadu.
Pintech Startup Offers
It has also announced a 75 per cent refund of operational expenses and a 100 per cent reimbursement of 100 per cent SGST for all expenses except training and marketing, in order to help large-scale Pintech start-ups in Tamil Nadu.
50 crore investment
To avail this incentive, a company must have an investment of Rs 50 crore and create 300 direct jobs within 3 years. Similarly, the Tamil Nadu Pintech Policy 2024 states that large companies will have to pay up to Rs. 10 crore under the relocation incentive category in case of transfer to Tamil Nadu from other states.
Incentive amount
Similarly, in Tamil Nadu, Pintech has announced that it will offer 2 times more incentives to companies starting in Tier 3 cities and 1.5 times more incentives to companies starting in Tier 2 than companies starting in Tier 1 cities, giving them access not only to big cities but to all districts of Tamil Nadu.
Investment assistance
The Government of Tamil Nadu has announced that it will also provide assistance to start-ups and large start-ups in the Pintech sector in Tamil Nadu, including Angel Funds, Private Equity Investments, Venture Capital Funds and Equipotors.
