Union Bank of India, the second largest bank after State Bank of India amongst consortium banks of PC Jeweller in terms of its exposure, vide letter dated 15 June  2024 has conveyed its approval to the One Time Settlement (OTS) offer submitted by the Company.

The company had opted for OTS to settle the outstanding dues. The terms and conditions of approved OTS include cash and equity component payable under settlement, release of securities and mortgaged properties etc.