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Indian Bank receives approval for merger with Allahabad Bank

18 Sep 2019 Evaluate

Indian Bank has received in-principle approval for the amalgamation of Allahabad Bank with itself. The board of directors in a meeting held on September 18, 2019 has considered and approved the same. The company’s board has also approved the Capital Infusion of up to Rs 5,000 crore by Government of India through preferential allotment to Government of India.

Indian Bank was established as a part of the Swadeshi movement. The Bank provides a wide spectrum of banking products and services.

Peers
Company Name CMP
State Bank Of India 984.50
PNB 116.80
Bank Of Baroda 232.40
Canara Bank 123.90
Union Bank Of India 177.45
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