Page 2 - Allahabad Bank

Bank mergers: Allahabad Bank branches are now Indian Bank branches

Effective April 1, Allahabad Bank will merge with Indian Bank, creating an entity with over 6,000 branches, 4,800 ATMs, 43,000 employees, 120 million customers and business mix of Rs 8 trillion

Coronavirus outbreak disrupts PSB merger as banks put programmes on hold

According to the banks, they have either put the sessions on hold or are opting for e-learning instead of classroom sessions.

Share exchange ratio for merger remains unchanged, says Indian Bank

The Board of Directors on March 5 approved fair equity share exchange ratio at 115 equity shares of Rs 10 each of Indian Bank for every 1000 shares of Rs 10 each of Allahabad Bank

PSB merger: Indian Bank announces equity exchange ratio with Allahabad Bank

The government had in August last year announced plans to merge 10 public sector banks (PSBs) into four

Post merger, Allahabad and Indian Bank to have 10,000 branches in 2 years

At the end of December 2019, the total business of Allahabad Bank was close to Rs 3.94 trillion, while that of Indian Bank was close to Rs 4.5 trillion

Allahabad Bank lowers interest rate on external benchmark-linked products

While the RBI's repo rate remains unchanged at 5.15 per cent, the three-month MIBOR (Average) has reduced to 5.75% from 6.15%

Larger balance sheet helps you give bigger loans: Indian Bank's Chunduru

'Indian Bank is strong in terms of business correspondents', said Chunduru

Allahabad Bank posts Q3 loss of Rs 1986 cr over higher agri provisions

The bank was asked by RBI to revisit restructured agriculture accounts, which led to higher recognition of NPA in the sector

Allahabad Bank board approves Rs 2153 cr capital infusion ahead of merger

Notably, earlier this financial year, the government had infused about Rs 6896 crore in the bank

Allahabad Bank jumps 11% as govt approves capital infusion of Rs 2,153 cr

Infusion of the capital into the bank by the government comes ahead of the merger with Indian Bank, which is expected to help the bank meet the regulatory requirement to get amalgamated.

Ahead of merger, Allahabad Bank gets Rs 2,153-cr fresh capital from govt

The Department of Financial Services in a letter on Thursday conveyed the sanction for release of the fresh capital infusion fund of Rs 2,153 crore, Allahabad Bank said in a regulatory filing

Allahabad Bank to slash MCLR across tenors by 5 bps from Saturday

The one-year MCLR is the benchmark to price most of consumer loans such as auto and personal

Patanjali secures Rs 3,200 cr loan from SBI, other banks to buy Ruchi Soya

Patanjali said it has got loans of Rs 1,200 crore from SBI, Rs 700 crore from PNB, Rs 600 crore from UBI, Rs 400 crore from Syndicate Bank and Rs 300 crore from Allahabad Bank

Allahabad Bank's merger with Indian Bank gets in-principle govt nod

Indian Bank is the acquiror while Allahabad Bank is the transferor

Allahabad Bank PBT up 15.7% at Rs 2108 cr in Q2, asset quality declines

Gross NPA ratio rises to 19.05% from 17.53% a year ago, net NPA falls to 5.98% from 7.96%

Allahabad Bank loss widens to Rs 2,103 cr in Sep quarter as NPAs increase

The state-owned lender had registered a loss of Rs 1,816.19 crore during the year-ago period

Allahabad Bank's net loss widens in Q2 to Rs 2,114 cr; stock tumbles 11%

The bank, however, logged a net interest income (NII) of Rs 1,275.7 crore, up 10.9 per cent YoY, from Rs 1,150.5 crore.

An account closes: Allahabad Bank looks back with nostalgia before merger

The merger marks the end of a bank in which two states with contrasting identities - Uttar Pradesh and West Bengal - took equal pride

Indian Bank gets board nod to raise Rs 5,000 cr, merge with Allahabad Bank

Indian Bank to be anchor in the merger, which will create country's seventh largest lender

NextGen PSBs: Allahabad Bank board approves merger with Indian Bank

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