-Online services of Allahabad Bank have already been stopped.
-Allahabad Bank has the largest number of fixed assets as compared to other banks.
One of the country’s oldest public sector banks, Allahabad Bank, will cease to exist from 15th February. This 155 year old PSB has one of the largest numbers of fixed assets as compared to other banks.
Allahabad Bank will finally be merged with Indian Bank; the process will begin on 12th Feb at 9 p.m. and end on 15th Feb. It may be noted that several PSBs are to be merged as announced by Finance Minister Nirmala Sitharaman in Budget 2020 in March last year. The online banking services of Allahabad Bank like net banking, fund transfer, cheque issuance etc. have already been stopped.
The Bank was established in 1865 on April 24. It has been 155 years of the banking services for Allahabad Bank. The bank was initially headquartered in Allahabad, Uttar Pradesh. The headquarter was later shifted to Kolkata after 20 years of establishment.
The bank has 3230 branches across the country. The 21500 employees will now be known under the name of Indian Bank.