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.