Merger process of Allahabad Bank, Indian Bank may get delayed

Indian BankThe amalgamation process of Indian Bank and Allahabad Bank could face a slight delay in the wake of the 21-day nationwide lockdown. Due to the prolonged lockdown, there could be some slight delay in completing the amalgamation process… but transactions like cash deposits, withdrawals and money transfer will begin from April 1.

The official also said post the amalgamation, Allahabad Bank will vacate its iconic head office building on NSC Bose Road here and move to a nearby premise. The branches are not operating at full strength due to the lockdown, all internal guidelines have been disseminated to the staff regarding standardisation of products, process and procedures. The name ‘Allahabad’ will be retained in the new logo just below the slot for Indian Bank.

The current MD and CEO of Indian Bank will become the new chief of the merged entity. Post the merger, the total business volume will be to the tune of ₹8.40 lakh crore. all the staff will be retained.

Read Other Related News

Loan Moratorium Is Not A Loan Waiver: Micro Finance Institutions Face Issues Interest On Interest Issue Needs To Be Resolved: Banks told SC
Lenders Can Sell Stressed Assets Only on Cash Basis- Reserve Bank of India Interest Rates Drop to Lowest in 17 Years, Amidst Lockdown
Likely Job Cuts, Salary Reductions To Have a Relatively Low Impact On SBI: Chairman Insolvency Law Ambit Exempts Massive Corona Virus Related Debts
Lenders Brace for Surge in Retail Delinquencies Post Moratorium


I have read the Privacy Policy & Agree to Terms & Conditions and authorize Dialabank & its partner institutions to Call or SMS me with reference to my application.

Latest News