Indian Bank expects to merge with Allahabad Bank by end of FY20: Official

The merger of Indian Bank and Allahabad Bank will create a robust entity with a pan-India presence, she said

State-owned Indian Bank expects to complete the merger with Allahabad Bank by the end of current fiscal, a top official said.

Last week, the government announced consolidation of 10 public sector banks into four mega state-owned lenders, including merger of Allahabad Bank with Indian Bank.

"We have to go to board first...there is a process to follow. In the next few months, boards of both banks should complete the process. I expect that all the process should ideally be over by March 31," Indian Bank Managing Director Padmaja Chunduru told PTI.

Indian Bank last week received a communication from Ministry of Finance that