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The Uttar Pradesh government has decided to develop <keyword id="17425" type="CITY" weightage="100" keywordseo="Allahabad">Allahabad</keyword> as an integrated industrial township like <keyword id="18858" type="COMPANY" weightage="100" keywordseo="Noida">Noida</keyword>. It has come up with a proposal to develop Allahabad as an “access-controlled township that will have 4G network and full <keyword id="47655" type="TECHNOLOGY" weightage="60" keywordseo="Wi-Fi">Wi-Fi</keyword> connectivity with homogeneity of design for all building structures,” an official release said. 
 The Samajwadi Party government led by Chief Minister <keyword id="6355031" type="PERSON" weightage="80" keywordseo="Akhilesh-Yadav">Akhilesh Yadav</keyword> has been promoting its development agenda to win back support after its dismal performance in the Lok Sabha elections. 
 
A presentation on the plan of the new city was made to senior officials from the infrastructure and industrial development department and Uttar Pradesh State Industrial Development Corporation during a meeting last week. 
 
“Around 25% area of the township would be reserved for industries with dedicated power supply, prepaid electricity meters, provision for 100 per cent water harvesting, zero-discharge mechanism, and CNG supply network,” said Sanjiv Saran, principal secretary, industrial development. 
 
Amity University, Fortis Healthcare and Maruti Suzuki have already expressed interest to invest in the state and the government is considering to allot them land in Allahabad. 
 
“The education department has been asked to prepare a proposal to develop the university in 40 acres of land,” an official statement said.

UP Govt To Develop Allahabad Like Noida

Kolkata, Apr 1 () The 155-year-old Allahabad Bankceased to exist as it got merged with Indian Bank onWednesday.All branches of the Kolkata-headquartered lenderstarted functioning as units of Chennai-based Indian Bank fromApril 1, 2020, an official said."We warmly welcome the employees and customers ofAllahabad Bank to Indian Bank fold," Indian Bank MD and CEOPadmaja Chunduru said.The integration offered the lender a host of revenueand cost synergies, she said.The merger makes the Indian Bank stronger with abusiness of Rs 8 lakh crore, 6,000 plus branches, 4,800 ATMsand 43,000 employees serving 120 million customers, theofficial said.Chunduru said a chief general manager will bedesignated in Kolkata, when total business of the bank willcross Rs 10 lakh crore.Speaking about preparedness, Chunduru saidharmonisation of products -- both on the loan and depositsides -- were completed and the same products will be offeredto all customers.She also said all the deposit and loan products,including access to Indian Bank's emergency credit lineslaunched in the wake of COVID-19 crisis would be madeavailable to the customers of Allahabad Bank.The 113-year-old Indian bank and the Allahabad Bankwill create a "lender with sound financial strength", theofficial said.The amalgamation is part of the mega merger decisionof the government.Apart from Allahabad Bank, five other public sectorbanks (PSBs) namely Oriental Bank of Commerce, United Bank ofIndia, Syndicate Bank, Andhra Bank and Corporation Bank losttheir individual identity as they were merged into threebigger lenders with the objective to make them globallycompetitive. BSMBDC BDC

Allahabad Bank into sunset after getting merged with Indian Bank

<keyword id="6358006" type="CITY" weightage="100" keywordseo="Andhra-Bank">Andhra Bank</keyword> and <keyword id="6358005" type="CITY" weightage="100" keywordseo="Allahabad-Bank">Allahabad Bank</keyword>, two of the <keyword id="488657" type="UNKNOWN" weightage="100" keywordseo="state-run-banks">state-run banks</keyword> in India, have put up nearly Rs 6,000 crore of bad loans for sale, given the rising pressure on lenders to clean their books of bad debts. Andhra Bank has decided to sell off more than 100 accounts with loans that add up to about Rs 4,000 crore of loans, Allahabad Bank on the other hand, wishes to sell off 73 accounts with outstanding loans that account for Rs 2,000 crore. The assets on sale also include Seven Hills Hospital, Visa Power, Visa Steel, L&amp;T Chennai Tada Toll Road, KS Oil, Transstroy India and its associate companies <keyword id="4613817" type="UNKNOWN" weightage="100" keywordseo="maheshwari-ispat">Maheshwari Ispat</keyword> and <keyword id="452891" type="ORGANIZATION" weightage="100" keywordseo="Abhijeet-Power">Abhijeet Power</keyword>, two senior executives told <a href="http://economictimes.indiatimes.com/industry/banking/finance/banking/andhra-bank-and-allahabad-bank-to-sell-worth-rs-6000-crore-of-bad-loans/articleshow/58991440.cms">ET</a>. Around two dozen asset reconstructions companies (ARC) will participate in the bid. This is the first time that commercial banks have decided to auction their bad loans, after the <keyword id="6354335" type="CITY" weightage="100" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> revised norms for sale of bad loans in the starting of this financial year. The new rules state that ARCs will have to pay at least half of the purchase price in cash while the balance can be paid in form of security receipts. Talking of the banks and their performance in FY 2016-17, while Andhra Bank reported a net profit of Rs 174 crore with gross bad loans of 12.2% of total loans (Rs 17,669 crore), Allahabad Bank reported a net loss of Rs 314 crore with gross bad loans of 13% (Rs 20,687 crore). (Image source YouTube)

Andhra Bank and Allahabad Bank willing to sell bad loans worth Rs 6,000 crore

New Delhi, Nov 19 () Allahabad Bank on Tuesday said the government has given in-principle approval to its amalgamation into Indian Bank.
Indian Bank is the acquiror while Allahabad Bank is the transferor.
"The Bank has received a communication from the Government, Ministry of Finance, Department of Financial Services communicating that the Alternate Mechanism has accorded in-principle approval to proposed amalgamation of Allahabad Bank into Indian Bank," Allahabad Bank said in a regulatory filing.
The government in August had announced four major mergers of public sector banks, a move aimed at making state-owned lenders global sized banks.
Following this, United Bank of India and Oriental Bank of Commerce will be merged with Punjab National Bank.
Syndicate Bank will be merged with Canara Bank and Allahabad Bank will be merged with Indian Bank. Andhra Bank and Corporation Bank are to be merged into Union Bank of India.
In January this year, the Union Cabinet approved the merger of Dena Bank and Vijaya Bank with Bank of Baroda. The merger came into effect from April 1.
On Monday, Punjab National Bank and Union Bank of India informed exchanges about getting in-principle nod from the government to go ahead with the planned mergers.
With these mergers, the number of public sector banks will come down to 12 from 27 in 2017.
Prior to this, the government had merged five associate banks of SBI and Bharatiya Mahila Bank with State Bank of India, which came into effect from April 2017.
These were State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad and Bharatiya Mahila Bank. 
In January this year, the government approved the merger of Dena Bank and Vijaya Bank with Bank of Baroda, which came into effect from April 1, 2019. KPM KPM ANU
ANU

Allahabad Bank gets govt's in-principle nod for merger with Indian Bank

<ul><li>Chief Minister <keyword id="43254" type="PERSON" weightage="20" keywordseo="Yogi-Adityanath">Yogi Adityanath</keyword> on Wednesday called for increasing contact tracing of <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> patients in Lucknow, Kanpur and Allahabad </li><li>According to the health department, the state reported 6,743 COVID-19 cases on Tuesday, out of which, 887 cases were found in Lucknow, 431 in Kanpur Nagar, 306 cases in Allahabad, among other places.</li></ul>Uttar Pradesh Chief Minister Yogi Adityanath on Wednesday called for increasing contact tracing of coronavirus patients in Lucknow, Kanpur and Allahabad. According to the health department, the state reported 6,743 COVID-19 cases on Tuesday, out of which, 887 cases were found in Lucknow, 431 in Kanpur Nagar, 306 cases in Allahabad, among other places. "Contact tracing has an important role in controlling the spread of COVID-19 infection. This work should be conducted in a systematic and effective manner. In Lucknow, Prayagraj and Kanpur, contact tracing should be increased," a statement quoted the chief minister as saying. He was speaking at a COVID-19 review meeting here. He said the state government was committed to protect the people from the infection and provide better treatment to all. Stating that training of paramedical staff should be expedited to increase the manpower in COVID hospitals, the CM said in order to keep the medical personnel safe from the infection, adequate PPE kits, gloves, masks and sanitizers should be made available to them. SEE ALSO:<a href="https://www.businessinsider.in/science/health/news/why-the-latest-surge-in-covid-19-infections-in-india-may-cause-more-deaths/articleshow/78011731.cms">What India’s rising COVID-19 infections don’t⁠ reveal — the lack of health infrastructure in remote areas</a>

UP CM calls for increasing COVID-19 contact tracing of patients in Lucknow, Kanpur and Allahabad

New Delhi, Mar 17 () Indian Bank will issue 115 shares for every 1,000 shares of Allahabad Bank for merging the latter with itself, according to an exchange filing. As per the fair equity share exchange ratio approved by the board of directors of the bank, 115 equity share of Indian Bank are to be exchanged for every 1,000 shares of Allahabad Bank, Indian Bank said in a regulatory filing.In a separate filing, Union Bank said it has set March 23, 2020, as the record date for issuing and allotting equity shares of Union Bank of India to the shareholders of Andhra Bank and Corporation Bank.In the biggest consolidation exercise in the banking space, the government in August 2019 had announced four mega mergers of public sector banks, bringing down their total number to 12 from 27 in 2017, a move aimed at making state-owned lenders global sized banks.As per this plan, United Bank of India and Oriental Bank of Commerce will be merged with Punjab National Bank; Syndicate Bank will be merged with Canara Bank; Allahabad Bank will be amalgamated with Indian Bank; and Andhra Bank and Corporation Bank will be consolidated with Union Bank of India.Last year, Dena Bank and Vijaya Bank were merged with Bank of Baroda. Prior to this, the government had merged five associate banks of SBI and Bharatiya Mahila Bank with the State Bank of India. KPM MRMR

Indian Bank board approves share swap for Allahabad Bank merger

<ul><li><keyword id="70141" type="ORGANIZATION" weightage="20" keywordseo="Justice-Katju">Justice Katju</keyword> mocked the <keyword id="95895" type="ORGANIZATION" weightage="20" keywordseo="UP-government">UP government</keyword> by posting a list of 18 Indian cities which could be given a new name. </li><li><keyword id="200296" type="PERSON" weightage="20" keywordseo="Markandey-Katju">Markandey Katju</keyword> recommended that the central and state governments could rename other cities that are also named after Mughal emperors. </li><li>The UP cabinet cited that they only changed the name due to popular demand from the people of the city. </li></ul>In an attempt to ‘restore’ the Indian culture, <keyword id="43254" type="PERSON" weightage="20" keywordseo="Yogi-Adityanath">Yogi Adityanath</keyword> announced ‘<keyword id="3481192" type="PERSON" weightage="20" keywordseo="prayagraj">Prayagraj</keyword>’ as the new name for <keyword id="17425" type="CITY" weightage="20" keywordseo="Allahabad">Allahabad</keyword> on Saturday. Since then, the decision has been criticised by many political leaders and eminent personalities. One of those being the former Supreme Court Justice, Markandey Katju, who <a href="https://twitter.com/mkatju/status/1052079927183302656">proposed</a> changing names of 18 more Indian cities and replacing all the names that are attributed to ‘Babur ki Aulads’ (the sons of Babur). 
 <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[
 
]]></cdata></div>



 Katju’s satirical twitter post showcased a list of cities which were potential candidates for a new name. Some of the recommendations include: Ahmedabad to Ashtavakra Nagar, Firozabad to Amitshahnagar, Hajipur to Hastinapur, Jamalpur to Jaiminipur, and even Ghaziabad to Ghatotkachnagar. Apart from Justice Katju, Madras High Court and Chief Justice of Allahabad Delhi have also criticised the Uttar Pradesh (UP) government. Even Congress and the Samajwadi party are protesting the decision. Akhilesh Yadav, the state’s former Chief Minister, <a href="https://www.moneycontrol.com/news/india/akhilesh-yadav-slams-yogi-govt-over-proposed-move-to-rename-allahabad-as-prayagraj-3048451.html">slammed</a> the UP government stating that current political leaders only show their work only by renaming cities. In contrast, some media <a href="https://www.ndtv.com/allahabad-news/allahabad-is-now-prayagraj-says-uttar-pradesh-minister-siddharth-nath-singh-after-cabinet-meeting-1932852">reports</a> claim that Yogi Adityanath has given Allahabad its former name ‘Prayag’ back. Even Kumbh Mela 2019, one of the most-awaited events in the city, will sport banners will with Prayagraj as the name of the city instead of Allahabad. This is not the first time that UP government has altered names. Earlier, Adityanath had renamed Mughalsarai junction in Agra to Deen Dayal Upadhyay Junction in order to give the railway station a ‘Hindu identity’.

Justice Katju ‘suggests’ new names for 18 Indian cities

New Delhi, Dec 26 () State-owned Allahabad Bank on Thursday said it will get a fresh capital infusion of Rs 2,153 crore from the government in the current financial year.
 The Department of Financial Services in a letter on Thursday conveyed the sanction for release of the fresh capital infusion fund of Rs 2,153 crore, Allahabad Bank said in a regulatory filing.
 The capital infusion is towards contribution of the central government in the preferential allotment of equity shares of the bank during the financial year 2019-20 as the government's investment, it said.
 Infusion of the capital into the bank by the government comes ahead of the merger with Indian Bank and it will help the bank meet the regulatory requirement to get amalgamated with a bigger peer.
 Notably, Allahabad Bank had not featured in the list of banks who were approved a total fresh capital infusion of Rs 55,250 crore, as announced on August 30 by the government.
 In this list, Punjab National Bank was approved to get Rs 16,000 crore, Union Bank of India Rs 11,700 crore, Canara Bank Rs 6,500 crore and Indian Bank Rs 2,500 crore.
 Besides, Bank of Baroda got a capital infusion of Rs 7,000 crore, Indian Overseas Bank Rs 3,800 crore and Central Bank of India Rs 3,300 crore.
 This round of capital infusion as intended will enhance the capital base of public sector banks so that they could accelerate lending in a bid to bolster growth. KPM HRS

Allahabad Bank gets fresh capital of Rs 2,153 cr from govt

New Delhi, Feb 11 () Allahabad Bank on Tuesday reported an over two-fold jump in standalone net loss for the December quarter at Rs 1,986.26 crore on higher bad loans and provisioning. The state-owned lender had reported a net loss of Rs 732.81 crore in the corresponding October-December period of the previous fiscal. Total income (standalone) during the quarter under review grew to Rs 4,860.35 crore from Rs 4,756.88 crore in the same period of 2018-19. The bank's gross non-performing assets (NPAs) rose to 18.93 per cent of the gross advances by the end of the December quarter as against 17.81 per cent earlier. However, it was down sequentially from 19.05 per cent at the end of September 2019. In value terms, the gross NPAs or bad loans rose to Rs 32,149.92 crore from Rs 28,218.79 crore a year ago. Net NPAs, however, came down to 5.13 per cent (Rs 7,449.27 crore) from 7.70 per cent (Rs 10.865.26 crore), Allahabad Bank said. Provisions for bad loans for the quarter increased to Rs 3,002.98 crore from Rs 1,900 crore a year ago, it said. "The bank is carrying additional provision of Rs 1,801.26 crore over and above the provisions required to be made in terms of prudential norms issued by RBI, to ensure compliance with the PCA norms of net NPAs," the bank said. The losses on consolidated basis too widened to Rs 1,980.82 crore for the quarter from Rs 746.83 crore in the year ago period. Income was higher at Rs 5,009.57 crore as against Rs 4,896.75 crore. As a relief to MSME borrowers registered under GST, the Kolkata-headquartered lender said as many as 667 such accounts were restructured for an outstanding amount of Rs 348.13 crore. For the accounts covered under the Insolvency and Bankruptcy Code (IBC), the bank is holding provision of Rs 6,292.47 crore (100 per cent of total outstanding as on December 31, 2019). Non-performing loan coverage ratio of the bank stood at 82.42 per cent as on December 31, 2019, it said. The bank has reported gross and net NPA divergence of Rs 67 crore each for the last fiscal, as adjusted after the calculation done by the bank and assessment of the RBI. The divergence in provisioning was Rs 453 crore for 2018-19, which included Rs 193 crore towards provisions for standard assets and additional provision of Rs 260 crore for NPAs, which had been duly accounted for in current fiscal and would require incremental provision of only Rs 75.34 crore in Q3 FY20, it added. "Divergence in NPAs as on March '19 will not impact the gross NPAs and net NPAs during Q3 FY20 as the accounts underlying had already been marked as NPA and provided suitably in Q1FY20 itself," Allahabad Bank said. The Alternate Mechanism, as advised by the finance ministry, has accorded in-principle approval to the proposed amalgamation of Allahabad Bank with Indian Bank. "Up to nine month ended December 31, 2019; 390 operational fraud cases were reported involving a total amount of Rs 86.26 crore. Out of these accounts, the bank has recovered a total amount of Rs 19.22 crore. No provision is written back during the current quarter," it said further. The Prompt Corrective Action (PCA) norms are triggered if a bank's net NPA crosses 6 per cent or if CRAR (capital to risk weighted assets ratio) is below the regulatory requirement of 10.88 per cent as of March 2019. In FY19, RBI removed five banks -- Bank of India, Bank of Maharashtra, Oriental Bank of Commerce, Allahabad Bank and Corporation Bank -- from the PCA framework in two phases after capital support from the government that resulted in improvement in their financial parameters. LIC-owned IDBI Bank still remains under the PCA watch. However, the bank is seeking a removal from the watch list, as per sources. Stock of Allahabad Bank closed at Rs 16.35, down 1.51 per cent from its previous close. KPM ABMABM

Allahabad Bank Q3 net loss widens over two-fold to Rs 1,986 cr on higher provisioning for dud loans

The employment scenario in <keyword id="6357713" type="COMPANY" weightage="100" keywordseo="Uttar-Pradesh">Uttar Pradesh</keyword> is quite sad as nearly 1.10 lakh applications have been received for 250 vacant positions in contractual sweepers. 
 
Many of the applicants are MBAs, BTechs for the job, which has a minimum requirement of reading and writing abilities in Hindi. 
 The <keyword id="6373583" type="COMPANY" weightage="20" keywordseo="Allahabad-Municipal-Corporation">Allahabad Municipal Corporation</keyword> (AMC) said the process may take a longer duration as they have received humongous applications for the job. 
 
Sources told TOI the recruitment may be further delayed if there is a change in government after the Uttar Pradesh assembly elections. The aspiring sweepers are competing for 119 vacancies in Allahabad and around 100 in every district across the state. 
 
Additional municipal commissioner O P Srivastava told TOI a large number of unemployed, highly qualified youngsters have applied for the job. The number of applicants has increased to 1.10 lakh. A minimum of 408 working days, or around two years, are required to complete the practical examination process.

Nearly 1.10 lakh apply for 250 sweeper jobs in Uttar Pradesh, most of them are BTechs and MBAs

IBM will now help <keyword id="6359081" type="CITY" weightage="60" keywordseo="Surat">Surat</keyword>, Allahabad and <keyword id="6368842" type="CITY" weightage="60" keywordseo="Vizag">Vizag</keyword> with waste management, disaster management and citizen services and will transform them into ‘<keyword id="6377036" type="UNKNOWN" weightage="80" keywordseo="smart-cities">smart cities</keyword>’. 
 
The tech giant has selected these Indian cities among 16 global locations for its smart cities programme, under which IBM will send a team of experts to each of the chosen cities to analyse data about critical issues faced by local bodies. 
 
Each consulting engagement under the 'Smarter Cities Challenge' has a commercial value of $500,000. Delhi, Ahmedabad, Pune and Chennai have already received the grant in the past. 
 "The initiative gives us the opportunity to work with city municipal corporations on diverse societal issues from transportation to disaster management, healthcare to waste management and share recommendations to become more effective in transforming citizen services," <keyword id="123121" type="COMPANY" weightage="80" keywordseo="IBM-India">IBM India</keyword> Head Corporate Citizenship and Corporate Affairs Mamtha Sharma told PTI. 
 
Other chosen cities include Amsterdam (Netherlands), Athens (Greece), Denver, Detroit, Memphis, Rochester (New York) in the US, Melbourne (Australia), San Isidro (Peru), Santiago (Chile), Sekondi (Ghana), Taichung (Taiwan), Xuzhou and Huizhou (China). 
 Prime Minister <keyword id="6354477" type="PERSON" weightage="80" keywordseo="Narendra-Modi">Narendra Modi</keyword> had vowed 100 smart cities by 2022 to meet the increasing urban population, which is expected to rise by more than 400 million people to 814 million by 2050. 
 
The Finance Ministry had allocated Rs 7,060 crore for developing these smart cities. 
 
The world is keen on setting up smart cities, where technology can help citizens access, in real time, infrastructure services like traffic, parking, lighting, and water. 
As per the news agency, by the end of 2016, IBM estimates to make such grants to more than 130 cities, with nearly 800 of IBM top experts delivering pro bono services valued at more than USD 66 million. 
 
"For the first time, in addition to providing pro bono consulting services, IBM will use IBM Watson Analytics Professional Edition to help take the city's pulse, as expressed on social media. 
 
"This might include studying travel patterns, public health, or the effects of man-made and weather events," Sharma told PTI. 
 
(Image:Reuters)

IBM will build Smart Cities in Surat, Vizag and Allahabad

New Delhi, Mar 5 () Shares of select public sector banks rose up to 16 per cent on Thursday after the Union Cabinet approved amalgamation of 10 state-owned lenders with effect from April 1.Oriental Bank of Commerce advanced 15.89 per cent, Syndicate Bank jumped 10.53 per cent, Allahabad Bank 9.23 per cent, Andhra Bank 3.91 per cent, United Bank of India 3.31 per cent and Corporation Bank 2.14 per cent on the BSE.The Union Cabinet on Wednesday approved amalgamation of 10 public sector banks, including Allahabad Bank, Andhra Bank and Oriental Bank of Commerce (OBC), to create four large state-owned lenders with effect from April 1, Finance Minister Nirmala Sitharaman said.The merger would result in creation of seven large PSBs with scale and national reach, with each amalgamated entity having business of over Rs 8 lakh crore.As per the mega consolidation plan, OBC and United Bank of India will merge into Punjab National Bank; Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank. SUM RUJRUJ

OBC, Syndicate Bank shares zoom; other PSBs too gain

Mumbai, Mar 31 () State-run Indian Bank, which is merging Allahabad Bank with itself from April 1, on Tuesday assured customers of both lenders that they will not face any disruption in services. Harmonisation of products, both on the loan and deposit sides, has been completed and the same products will be offered to all customers, Indian Bank Managing Director and CEO Padmaja Chunduru said. Following the merger, Indian Bank will become the seventh largest public sector lender. The merger is part of the government's mega consolidation plan to amalgamate 10 state-run banks to create four global-sized lenders, beginning next financial year. "Tomorrow is day one and the initial processes are complete. The main thing is about the customer service and there won't be any disruption for customers of both the banks," Chunduru told in an interview. She said all the deposit and loan products, including access to Indian Bank's emergency credit lines launched in the wake of Covid-19, would be made available to the customers of Allahabad Bank. Chunduru said amalgamation consists of integration of products and processes, information technology and human resources. "We have focused all our resources on the important things that matter for day one -- treasury integration has happened and IT integration, to the extent of product harmonization and rolling out of the same products, has happened," she said. She expects the entire IT integration to be completed by December 2020. Integration of HR is an ongoing process and will take another three to four months, she explained. The combined entity will have 6,060 branches, a network of 2,870 ATMs and banking correspondent network of 9,000. She said none of the branches will be closed and about 150 to 200 branches have been identified that would either be merged or shifted in terms of location. "As a combined entity, Indian Bank's balance sheet is much stronger. We can offer higher amount of loans to the corporate segment, and will be able to invest in the required skill sets, whether it is credit management or recovery or risk management, to bring in more differentiated products and more value added services and also on the digital front," she said. Post-merger, the bank will not require capital on an immediate basis, she added. Chunduru further said the merged entity will retain Allahabad Bank's stakes in two firms -- a general insurance firm and an asset reconstruction company. "Indian Bank is going to inherit both the subsidiaries. After tomorrow, we will have a look at the whole thing and then see how to take it forward," she said. Allahabad Bank holds 28.52 per cent in Universal Sompo General Insurance Company. Other investors include Indian Overseas Bank, Karnataka Bank, Dabur Investment and Japanese insurance major Sompo Japan Nipponkoa Insurance Inc. It also holds 27.04 per cent equity stake in asset management company ASREC (India) Ltd, along with other banks/ institutions. There are three other mergers of public sector banks under the government's mega consolidation plan. Punjab National Bank will take over Oriental Bank of Commerce and United Bank of India to form the nation's second-largest lender; Syndicate Bank will merge with Canara Bank; and Andhra Bank and Corporation Bank will get amalgamated into Union Bank of India. Following the consolidation, there will be seven large public sector banks, and five smaller ones. There were as many as 27 state-run banks in 2017 when SBI took over five of its associates and Bharatiya Mahila Bank. In 2019, Vijaya Bank and Dena Bank got merged with Bank of Baroda, making it the third largest state-run bank. HV SHW ABMABM

You Searched For "Allahabad" and got 13 results

UP Govt To Develop Allahabad Like Noida

BI India Bureau

Allahabad Bank into sunset after getting merged with Indian Bank

PTI

Andhra Bank and Allahabad Bank willing to sell bad loans worth Rs 6,000 crore

BI India Bureau

Allahabad Bank gets govt's in-principle nod for merger with Indian Bank

PTI

UP CM calls for increasing COVID-19 contact tracing of patients in Lucknow, Kanpur and Allahabad

PTI

Indian Bank board approves share swap for Allahabad Bank merger

PTI

Justice Katju ‘suggests’ new names for 18 Indian cities

BI India Bureau

Allahabad Bank gets fresh capital of Rs 2,153 cr from govt

PTI

Allahabad Bank Q3 net loss widens over two-fold to Rs 1,986 cr on higher provisioning for dud loans

PTI

Nearly 1.10 lakh apply for 250 sweeper jobs in Uttar Pradesh, most of them are BTechs and MBAs

BI India Bureau

IBM will build Smart Cities in Surat, Vizag and Allahabad

BI India Bureau

OBC, Syndicate Bank shares zoom; other PSBs too gain

PTI

Customers won't face any disruption post Allahabad Bank merger: Indian Bank

PTI

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