Indian Bank gets board nod to raise Rs 5,000 cr, merge with Allahabad Bank
Indian Bank gets board nod to raise Rs 5,000 cr, merge with Allahabad Bank Indian Bank to be anchor in the merger, which will create country’s seventh largest lender Current Affairs :- Government-claimed Indian Bank on Wednesday got a gesture from its board to raise Rs 5,000-crore capital from the administration through particular apportioning. The board additionally endorsed the proposed merger of Allahabad Bank with Indian Bank. Padmaja Chunduru, overseeing executive and CEO of the bank, said it was prior intending to raise Rs 2,000 crore, however the arrangement was checked on in the light of the proposed merger. “The cash will be raised after the merger. It will be utilized for development plans.” The legislature has proposed Rs 2,500 crore will be allocated to Indian Bank, considering the prerequisites of Allahabad Bank as the merger is required to influence the previous’ monetary record. The combined substance will be the seventh-biggest bank, as per March ...