Allahabad Bank’s Board has approved the merger proposal with Indian Bank, making the amalgamated entity the seventh largest public sector lender of the country. The board of directors in a meeting held on September 16, 2019 has considered and accorded its in-principle approval for amalgamation of Allahabad Bank into Indian Bank.
Allahabad Bank is a nationalised bank with its headquarters in Kolkata. It is the oldest joint stock bank in India.