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Indian Bank, Allahabad Bank to merge by March 31
State-owned Indian Bank expects to complete the merger with Allahabad Bank by the end of current fiscal, a top official said.
New Delhi: State-owned Indian Bank expects to complete the merger with Allahabad Bank by the end of current fiscal, a top official said.
Last week, the government announced consolidation of 10 public sector banks into four mega state-owned lenders, including merger of Allahabad Bank with Indian Bank.
"We have to go to board first. There is a process to follow. In the next few months, boards of both banks should complete the process.
I expect that all the process should ideally be over by March 31," Indian Bank Managing Director Padmaja Chunduru said.
Indian Bank last week received a communication from Ministry of Finance that the Alternative Mechanism after consultation with Reserve Bank of India has cleared a proposal for the merger.
