Nearly two years later, the troubled Punjab and Maharashtra Cooperative Bank (PMC) will recover after the Reserve Bank of India (RBI) approved Centrum Financial to establish a small financial bank (SFB). Centrum partnered with fintech startup BharatPe to become a bank and then merged with PMC Bank.
Centrum Group CEO Jaspal Bindra will play an important role in the establishment and restructuring of the new bank. They are also interested in taking full advantage of BharatPa’s technical advantages. In an interview with Moneycontrol on June 20, Bindra, who is about to start work, said that the focus will be on providing loans to micro, small and medium enterprises (MSME), which are now on the balance sheets of the two companies.
There will be no wholesale loans, and the release of new products will make them fully digital. Deposit Franchising As you know, NBFC arbitration is under pressure from IL&FS (Infrastructure Leasing and Financial Services). When I started working at Centrum five years ago, becoming a registered person (such as a bank) was definitely our stated goal. Compared to when we started in 2016/17, the growth potential of NBFC is now a bit limited.
These loans have a certain amount of guarantees, but this is certainly not enough to cover all the bank’s claims. We hope to invest in more powerful collection and restoration work than we previously imagined. In short, we have a very real motivation for this. If you look back at PMC, you will find that management is colluding with defaulting borrowers.
Therefore, it is easy to understand why they did not take active remedial measures. Now we don’t have that kind of obsessive-compulsive disorder, so I hope we can get better. We can only discover this after thorough inspection and inspection of documents, guarantees, etc.