Money & Banking

PMC’s 1,100 employees can heave a sigh of relief

Our Bureau Mumbai | Updated on November 23, 2021

Draft scheme assures continuation of service for at least three years

Scam-hit Punjab and Maharashtra Co-operative (PMC) Bank’s 1,100 odd employees will heave a sigh of relief as the draft scheme of amalgamation of their bank with Unity Small Finance Bank (Unity SFB) assures continuation of service for at least three years.

As per the scheme, all the employees of the transferor bank (PMC Bank) shall continue in service on the same remuneration and terms and conditions of service for a period of three years from the appointed date, as were applicable to such employees immediately before the close of business on the appointed date. PMC Bank’s employees are spread across 105 branches and the head office.

Unity SFB said, “...The Draft Scheme provides the much needed relief and clarity to over 1,100 PMC Bank employees, who will remain employed and continue uninterrupted service to clients.”

Key managerial personnel

However, the scheme says that transferee bank (Unity SFB) may discontinue the services of the key managerial personnel of the transferor bank (PMC Bank) after following the due procedure at any time, after the appointed date, as it deems necessary and providing them compensation as per the terms of their employment.

Unity SFB commenced operations as a small finance bank with effect from November 1, 2021.

Published on November 22, 2021

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