PMC Bank bid to get fund through wooing bidders

Live Mint reports the administrator of PMC Bank has established contact with bidders like NBFCs, industrialists and commercial banks to bail out the beleaguered bank with a minimum capital infusion of Rs 25,000 crore.

The fresh effort to woo bidders is backgrounded by PMC Bank’s failure to get a positive response from suitors in the past.

A source is quoted saying the investors may not face too many difficulties as they can make a request for conversion of the troubled bank into a small finance bank or get permission from the apex bank to manage it as a private sector bank.

It is worth mentioning that equipped with a full-fledged licence and one-third of its losses capable of conversion in income tax rebate, PMC Bank remains easy to take over.

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