New Delhi: Allahabad Bank, one of the oldest public sector banks in India, will soon become history as it will be merged with Indian Bank on February 15. The merger process will begin from 9 PM on February 12 and complete at 9 AM on Monday. Finance Minister Nirmala Sitharaman had announced the merger of several public sector banks in Budget 2020 held in March last year. The Indian Bank announced a share swap ratio of 115 equity shares of Rs 10 each for every 1,000 shares of Rs 10 each of Allahabad Bank. As per the scheme, Allahabad Bank was amalgamated into Indian Bank, along with nine other PSBs merged into four.Also Read - Bank Customer Alert: Cheque Books of These Banks Will Not be Valid From Oct 1 | Details Here
As a result, Allahabad Bank’s online services like net banking, fund transfer, issuance of cheques etc have already been stopped. Established 155 years ago on April 24, 1865, Allahabad Bank was headquartered in Uttar Pradesh’s Allahabad initially. It also had its presence in Gwalior district of Madhya Pradesh 45 years ago. The headquarters was later shifted to Kolkata after 20 years of establishment. Also Read - Alert! IFSC Codes of THESE Banks Changed, Update Your Details NOW to Make Online Payments
Allahabad Bank has the largest number of fixed assets as compared to other banks. The bank has the largest number of 3,230 branches across the country primarily located in UP, Bengal at number two, Bihar in the third position and Madhya Pradesh at four (150 branches). Also Read - RBI Imposes Monetary Penalty On 14 Banks For Non-Compliance Of Rules | Full List Here
Allahabad Bank had 21,500 employees. With the merger, all of these branches will now be known under the name of Indian Bank. Employees will also be identified as workers of Indian Bank instead of Allahabad Bank.