Allahabad Bank has received approval for raising equity capital for an amount aggregating upto Rs 6,896 crore (including premium) through Preferential Issue of equity shares to the Government of India against their capital infusion of Rs 6,896 crore in the Bank. The Board of Directors of the Bank at its meeting held on February 27, 2019 has approved the same.
Allahabad Bank is a nationalised bank with its headquarters in Kolkata. It is the oldest joint stock bank in India.