Indian Bank is expecting to complete the merger with Allahabad Bank by the end of current fiscal. The Bank had received a communication from Ministry of Finance that the Alternative Mechanism after consultation with Reserve Bank of India has cleared a proposal for the merger.
The merger of Indian Bank and Allahabad Bank will create a robust entity with a pan-India presence.
Indian Bank was established as a part of the Swadeshi movement. The Bank provides a wide spectrum of banking products and services.