The outbreak of Coronavirus has made the whole of India a victim. The merger process of Indian Bank and Allahabad Bank may be slightly delayed due to nationwide lockdown. An Allahabad Bank official gave information on Saturday. He said that basic banking transactions will start from April 1. April 1 is the effective date of merger of banks. The official said, "There may be a slight delay in completion of the merger process due to the long lockdown.. but the deposit of cash, withdrawal of money and transfer of money will start from April 1."
According to this merger scheme 115 shares of Indian Bank will be exchanged with 1,000 shares of Allahabad Bank. The official also said that after the merger process is complete, Allahabad Bank will vacate the building of its historic headquarters at NSC Bose Road and shift to the nearest premises.
In his statement he said, "After three to six months of the merger, we will vacate the building of our headquarters. This is a rental building and we will shift to our Annexe building on Indian Exchange Place.” The official said, due to the lockdown, the branches are not running with full strength. All kinds of internal guidelines regarding standardization of products, processes and procedures have been issued.
