Notably, earlier this financial year, the government had infused about Rs 6896 crore in the bank. Indian Bank approves share swap for Allahabad Bank merger. In a merger, there is an anchor bank and an amalgamating bank or banks, where the latter gets merged with the former.. 1. Branches of Andhra Bank and Corporation Bank … The mergers are expected to be complete by the end of the current financial year, say government officials. The amalgamations of Oriental Bank of Commerce and United Bank of India with Punjab National Bank; Andhra Bank and Corporation Bank with Union Bank of India; Syndicate Bank with Canara Bank and Allahabad Bank with Indian Bank have been notified vide the Gazette of India Notifications G.S.R. An expert committee was also set up to consider any written objection to the share swap ratio by the minority shareholders and to provide recommendations for their redressal. On 30th August, Finance Minister Nirmala Sitharaman announced the amalgamation of the 10 state banks into four large scale banks. Indian Bank had a net NPA ratio of 3.75%. The merger of Allahabad Bank with the Indian Bank will create the seventh-largest public sector bank with Rs 8.08 lakh crore business. Meanwhile, shares of Allahabad Bank were trading down 1.7%. No Covid effect on IIT job placements, 35% increase in pay packages. Allahabad bank has finally approved the merger of the Indian bank with Allahabad Bank. Customers will not face any disruption: Indian Bank on merger with Allahabad Bank The merger is part of the government's mega consolidation plan … The merger process of Indian Bank and Allahabad Bank could face a slight delay in the wake of the 21-day nationwide lockdown, an official of the Kolkata-based lender said on Saturday. 17 September 2019 Current Affairs:Allahabad Bank approved the merger proposal with Indian Bank.The main aim is to make the amalgamated entity the seventh-largest public sector lender of the country. The combination of these two banks is believed to become the seventh-largest lender after the merger. Mishra Ji Technical 262,569 views 11:12 Other Pronouncement. In January this year, the Union Cabinet approved the merger of Dena Bank and Vijaya Bank with Bank of Baroda. The consolidation of 10 state-run banks into four large-scale lenders. Read the Bank Merger List 2019-2020 below. The merger process of Indian Bank and Allahabad Bank could face a slight delay in the wake of the 21-day nationwide lockdown, an official of the Kolkata-based lender said on Saturday. The consolidated Indian Bank and Allahabad Bank will become the seventh largest bank. Merger Number 4: Indian Bank would be merged with the Allahabad Bank. Allahabad Bank was a nationalised bank with its headquarters in Kolkata, India.Until its merger with the Indian Bank, it was the oldest joint stock bank in India.On 24 April 2014, the bank entered into its 150th year of establishment. As per a news reports last week, Indian Bank expects to complete the merger with Allahabad Bank by March 31, 2020. Allahabad Bank Ltd will divest bad loans worth ₹ 922 crore as the state-run lender strives to clean up its balance sheet ahead of a merger with Indian Bank Ltd. Its going to be the biggest amalgamation as the resultant would make it to the seventh largest public sector bank of the country. A office-bearer of the staff association said the amalgamation is being opposed as Allahabad Bank has higher levels of CASA (current account and savings account), more staff strength and a bigger volume of business compared to the other lender. Syndicate Bank will be merged with Canara Bank and Allahabad Bank will be merged with Indian Bank. 10 बैंको का विलय , 10 Banks Merger | 10 banko ka vilay, Public Sector Banks mergers - Duration: 11:12. Allahabad Bank had a total business of ₹3.77-lakh … The merger of Chennai-based Indian Bank with Allahabad Bank will create India’s seventh-largest public sector bank with Rs 8.08 lakh crore business and strong branch networks in the south, north and east of the country. Canara and Syndicate Bank will also be merged to become the fourth largest bank. In this merger … Indian Bank had over 3245 branches across India of Dena Bank and Allahabad Bank Tuesday! April 1, 2020 Andhra Bank and Allahabad Bank with Rs 8.08 lakh crore business of Baroda this! 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