Points to Remember:
- The board of Allahabad Bank 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.
About Allahabad Bank:
- Founded: 24 April 1865
- Headquarters: Kolkata, India
- MD & CEO: S. S. Mallikarjuna Rao
About Indian Bank:
- Founded: 15 August 1907
- Headquarters: Chennai, India
- MD & CEO: Ms. Padmaja Chunduru
Important Possible questions based on above News:
- Which two banks will be merged into a sole entity to form the seventh largest public sector lender of the country? Allahabad Bank & Indian Bank
- Who is the current MD & CEO of Allahabad Bank? S. S. Mallikarjuna Rao
- Who is the current MD & CEO of Indian Bank? Padmaja Chunduru