The 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.