Allahabad Bank has received an approval for raising equity capital of the bank by an amount aggregating up to Rs 2,153 crore (including premium) through Preferential Issue of equity shares to the Government of India against their capital infusion of Rs 2,153 crore. The Board of Directors of the Bank at their meeting held on January 24, 2020, approved the same.
Allahabad Bank is a nationalised bank with its headquarters in Kolkata. It is the oldest joint stock bank in India.