Kolkata: The board of Allahabad Bank on Monday approved the merger proposal with Indian Bank, making the amalgamated entity the seventh-largest public sector lender 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 disclosure requirements), the board of directors in a meeting held today has considered and accorded its in-principle approval for amalgamation of Allahabad Bank into Indian Bank," the city-based lender said in a statement.
