New Delhi: The central government announced the merger of ten state-owned banks in the country last week. Four banks will be created through this merger. Under this, Allahabad Bank is to be merged with Indian Bank. Indian Bank Managing Director Padmaja Chundru said that the merger would be completed by March 31, 2020. Chundru said, 'First we have to go to the board. A procedure has to be followed. The boards of directors of both banks will complete the process during the next few months.
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I think this process will be completed by 31 March. ' Indian Bank has been informed by the Finance Ministry last week that the alternative arrangement has approved the merger proposal after discussions with the Reserve Bank. With the merger of Indian Bank and Allahabad Bank, a bank that will have a pan-India presence. Indian Bank currently has a strong presence in South India, while Allahabad Bank has a presence in Northern and Eastern India.
After the merger, it will become the seventh-largest state-run bank in the country. It will have a turnover of 8.08 lakh crore and its total number of branches will be 6,104. He said that after the merger, our main priority would be business and profit growth besides employee management and welfare. He denied closure of branches and retrenchment of staff. Explain that the government's move has been strongly opposed.
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