Merger process of Allahabad Bank, Indian Bank may get delayed

Indian BankIn 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.

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