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Allahabad Bank board approves merger with Indian Bank

Allahabad Bank board approves merger with Indian Bank

The board of Allahabad Bank on 16 Sept approved the merger proposal with Indian Bank, making the amalgamated entity the seventh largest public sector lender of the country.

Finance Minister Nirmala Sitharaman had on August 30 announced the consolidation of 10 state-run banks into four large-scale lenders.

However, employees of Allahabad Bank are protesting against the merger.

Allahabad Bank

Allahabad Bank is a nationalised bank established in 1865.

It is the oldest joint stock bank in India.

It is headquartered in Kolkata.

Indian Bank

Indian Bank is an Indian state-owned financial services company established in 1907.

It has 20,924 employees, 2900 branches with 2861 ATMs and 1014 cash deposit machines and is one of the top-performing public sector banks in India.

It is headquartered in Chennai.

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