Business

Employees and officers of Allahabad Bank staged a demonstration to protest against the merger.Kolkata: The board of Allahabad Bank on Monday approved the merger proposal with Indian Bank, making the amalgamated entity the seventh largest public sectorlender of the country.    Finance Minister Nirmala Sitharaman had on August 30 announced the consolidation of 10 state-run banks into four large-scale lenders.    "In terms of SEBI (listing obligations and disclosurerequirements), the board of directors in a meeting held todayhas considered and accorded its in-principle approval foramalgamation of Allahabad Bank into Indian Bank," the city-based lender said in a statement.    Meanwhile, employees and officers of Allahabad Bank staged a demonstration in front of its headquarters to protest against the merger.    A office-bearer of the staff association said the amalgamation is being opposed as Allahabad Bank has higher levels of CASA (current account and savings account), more staff strength and a bigger volume of business compared to the other lender.    "The merger proposal with Indian Bank is illegal," they claimed.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.

Catch all the Live TV action on TheIndianSubcontinent 24x7 and TheIndianSubcontinent India.

Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.





Unlimited Portal Access + Monthly Magazine - 12 issues-Publication from Jan 2021


Buy Our Merchandise (Peace Series)

 


Contribute US to Start Broadcasting



It's Voluntary! Take care of your Family, Friends and People around You First and later think about us. Its Fine if you dont wish to contribute and if you wish to contribute then think about the Homeless first and Feed them. We can survive with your wishes too :-). You can Buy our Merchandise too which are of the finest quality.

Debit/Credit/UPI

UPI/Debit/Credit

Paytm


STRIPE





20