Branches of Allahabad Bank to operate as branches of Indian Bank from April 1, 2020

Posted Date : 29-Mar-2020 , 09:20:58 am | Posted By CASANSAAR print

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The Amalgamation of Allahabad Bank into Indian Bank Scheme, 2020 dated March 4, 2020, issued by the Government of India was published under Extraordinary Part II-Section 3-Sub-section (i) in the Gazette of India sanctioning the Amalgamation of Allahabad Bank into Indian Bank in terms of section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970). The scheme comes into force on the 1st day of April 2020.

Consequently, all branches of Allahabad Bank will function as branches of Indian Bank from April 1, 2020. Customers, including depositors of Allahabad Bank, will be treated as customers of Indian Bank with effect from April 1, 2020.

(Yogesh Dayal)
Chief General Manager

Press Release: 2019-2020/2136

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