Allahabad bank has finally approved the merger of the Indian bank with Allahabad Bank. Its going to be the biggest amalgamation as the resultant would make it to the seventh largest public sector bank of the country.
On 30th August, Finance Minister Nirmala Sitharaman announced the amalgamation of the 10 state banks into four large scale banks.
The sources of the bank said “In terms of SEBI (listing obligations and disclosure requirements), the board of directors in a meeting held today has considered and accorded its in-principle approval for amalgamation of Allahabad Bank into Indian Bank.”
At the same time employees of the Allahabad bank are not happy with the merger and claiming it as illegal. The employees are demonstrating in front of the headquarters of Allahabad bank to protest against the merger.
A representative of the staff association said that the merger is being opposed because the levels of CASA (current account and savings account) of Allahabad bank are higher than other bank and it has more staff and the volume of the business is bigger than other.
“The merger proposal with Indian Bank is illegal,” he claimed.