Diabytes
Allahabad Bank News
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The MICR code and cheque books of the erstwhile Allahabad Bank will be discontinued from 01.10.2021.
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You can easily get the IFSC codes from the merged bank’s website of customer support.
You can register for the new IFSC codes via the bank’s website.
You will have to fill in the required details to get the new IFSC code.
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Allahabad Bank, one of the oldest public sector banks in the country, was merged with the Indian Bank on February 15.
After Allahabad Bank's merger with the Indian Bank, new rules have come into force from Monday.
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New rules have come into force from today (February 15).
Customers will have to use the new IFSC code for money transfer.
Allahabad Bank's checkbook and ATMs will continue to work for the next 6 months.
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The Reserve Bank of India (RBI) on Saturday approved the merger of several public sector banks from April 1. All branches of the Allahabad Bank will function as branches of Indian Bank and customers, including depositors of Allahabad Bank, will be treated as customers of Indian Bank from April 1.
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The government on Friday announced the mega-merger of 10 PSU banks into four, where the Punjab National Bank, the Oriental Bank of Commerce and the United Bank to merge become the second-largest PSB while the Canara Bank and the Syndicate Bank will amalgamate to make the fourth-largest PSU bank entity.
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Punjab National Bank will become the second largest PSB in India with a total business of Rs 17.5 lakh crore post the merger while that of the Canara Bank and Syndicate Bank will be Rs 15.20 lakh crore.
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The public sector lender's net loss in the year-ago period stood at Rs 3,509.63 crore.
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The decision was taken at the bank's board meeting held Tuesday.
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Dhanlaxmi Bank zoomed 10 percent, Allahabad Bank 7.53 percent and Corporation Bank rose 5.82 percent on BSE.
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Private sector Dhanlaxmi Bank too has been taken out of the PCA Framework.
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The government in December had infused Rs 28,615 crore into seven public sector banks (PSBs) through recapitalisation bonds.
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A penalty of Rs 1 crore has been imposed on Andhra Bank for similar violations.
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The government earlier this year pumped Rs 11,336 crore in five PSBs -- PNB, Allahabad Bank, Indian Overseas Bank, Andhra Bank and Corporation Bank -- to improve their financial health.
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The bank had posted a net profit of Rs 70.20 crore in the July-September quarter of 2017-18.
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Ananthasubramanian was, three months back, divested of all her powers as MD of Allahabad Bank
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State Bank of India and three other state-run banks, Union Bank of India, UCO Bank and Allahabad Bank, are among lenders who have extended credit based on the LoUs issued by PNB that were later found to be fraudulent.
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The central bank has so far ordered corrective action for about 10 lenders, mostly due to their high bad loan ratios.
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Bajrang Singh Shekhawat has been appointed executive director of Central Bank of India.
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