Allahabad Bank has now received a communication from the Government of India, Ministry of Finance, Department of Financial Services communicating that the Alternate Mechanism (AM) has accorded in-principle approval to proposed amalgamation of Allahabad Bank into Indian Bank with Indian Bank as the transferee Bank and Allahabad Bank as transferor Bank.
Allahabad Bank is a nationalised bank with its headquarters in Kolkata. It is the oldest joint stock bank in India.