"Centrum-BharatPe Consortium Will Set Up Bank In 120 Days": BharatPe Head To NDTV

Mr Sameer said that during the 120-day period while CFSL will set up a small finance bank, the RBI will chart out a reconstruction plan for PMC Bank.

With the Reserve Bank of India (RBI) having given a period of 120 days to Centrum Financial Services Ltd (CFSL) to set up a small finance bank, which will eventually take over the troubled Punjab and Maharashtra Cooperative Bank (PMC), the consortium has said that the timeline is “workable” and it hopes to complete the process sooner than that. Centrum Capital, the holding entity for CFSL, and its partner BharatPe, a payments system company, will infuse Rs 1,800 crore into the small finance bank. Centrum Capital is the holding entity for CFSL and its partner is BharatPe, a payments system company. RBI last week, had given “in-principle” approval to CFSL to set up a small finance bank. Talking to NDTV, BharatPe's Group President Suhail Sameer said, “the timelines are workable and we hope to sort of complete the process sooner.”