BharatPe

Digital Payments platform BharatPe is reportedly planning to bid for the acquisition of crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank.

In an interview to CNBC-TV18, BharatPe revealed its plans to acquire the PMC Bank. According to the report, BharatPe and Centrum had jointly submitted a bid to acquire PMC Bank on January 16.

In the combined bid for PMC Bank, BharatPe and Centrum could is likely to pay back cent percent to retail depositors looking to withdraw money from the troubled urban cooperative lender.

Also Read: BharatPe unveils BharatX to promote Radical Ideas

As per the report, Centrum Chairman Jaspal Bindra had reportedly said last week that the group was analysing the challenges associated in the financials of the lendee and capital needed if it a formal bid is made.

Near about four groups, reportedly, including BharatPe and Centrum Group, have submitted bid requests to the Reserve Bank of India (RBI) for the acquisition of PMC Bank. Other bidders include steel giant Sanjeev Gupta’s Liberty House Group is one of the three other groups that have submitted EoIs to the RBI for acquiring.

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