In the wake of the 21-day national lockdown, the amalgamation phase of the Indian Bank and Allahabad Bank could face a slight delay. There may be a small delay in completing the amalgamation process due to the prolonged lockdown … However, transactions such as cash deposits, withdrawals, and transfer of money will start from April 1.
The official also said that Allahabad Bank will vacate its iconic headquarters building on NSC Bose Road here and move to a nearby building after the amalgamation. Because of the lockdown, the branches do not work at full power, all internal instructions concerning the standardization of goods, processes, and procedures have been disseminated to workers. In the new logo just below the Indian Bank slot, the word ‘Allahabad’ will be kept.
Indian Bank’s present MD and CEO will become the new leader of the combined company. The overall market volume will be at the tune of ~ 8.40 lakh crore after the merger. Both workers will be retained.