- Merger of Allahabad Bank due to corrupt employees Bengaluru, (Aryavarth). Allahabad Bank, which started in a small room, is going to cease to exist. The identity of Allahabad Bank, one of the most well-known national banks of the country in the banking world, is about to disappear.
Allahabad Bank prone to corruption
Like many other national public sector banks, Allahabad Bank is going to merge in the coming financial year. Allahabad Bank is being merged with Indian Bank. In fact, for the past many years, the employees of Allahabad Bank have been accused of corruption. Along with this, there have been many cases of mistreatment with customers by bank employees. In view of all this, the government has also added the name of Allahabad Bank to the merger of several other national banks. About 154 years old, this bank had made its mark but due to the poor staff and the corrupt system increasing day by day, the government has decided to merge the bank. Recently, when our correspondent tries to talk to DGM Arumugam of Karnataka and wanted to get information related to this case, he accepted by his gesture that corruption is there in the bank. He also indicates without using harsh words that there was a time when the bank had the name of being the oldest and veteran but today Allahabad Bank is being counted among the corrupt banks of the country. Corruption is at the peak in the top level positions inside the bank. When our correspondent tries to talk to the local Allahabad Bank's HSR Layout branch head Jagdish Yadav on the subject, he refused to comment.
Name sprung up during demonetisation
In the year 2016, when the ban on 500 Rs and 1000 Rs notes - demonetisation happened in the country, the name of Allahabad Bank was the highest. People in different provinces of the country accused the employees of Allahabad Bank of not changing old notes and asking for money. Not only this, the name of Allahabad Bank was also being taken with those banks where the bank's employees helped in making black money into white. Perhaps, that is why the country's finance minister has decided to merge Allahabad Bank with a bank of lesser capacity.
History of Allahabad Bank 154 years old
The 154-year-old Allahabad Bank, which is going to make history, currently has a business of Rs 3,77,887 crore but, it started with just Rs three lakh. Allahabad Bank's Civil Lines branch had accounts of great personalities like Motilal Nehru. Motilal Nehru also took a loan from this branch to buy Anand Bhavan.
How will the public be affected by the merger of banks with you:
Punjab National Bank, United Bank of India and Oriental Bank, Canara Bank, Syndicate Bank, Union Bank of India, Andhra Bank and Corporation Bank, Allahabad Bank will merge. In this, Allahabad Bank will be merged with Indian Bank. With this merger, there will be only 12 public sector banks replacing 27 public sector banks. You have to get a new chequebook. This is because the merger of 10 state-owned banks will affect a large number of customers. However, the existing chequebook remains valid for some time. After the merger, the customers will be issued the chequebook of the bank in which their bank will be merged. You will have given your bank account number and IFSC code for payment of dividend bank account through ECS, auto credit of salary and payment of various types of bills. After the merger process is complete, you will have to give your changed bank account information for these works. About two years ago, when the five associate banks of SBI were merged, the names and IFSC codes of 1,300 bank branches were changed. SBI had changed the branch names and IFSC codes of big cities like Mumbai, New Delhi, Bengaluru, Chennai, Hyderabad, Kolkata and Lucknow. Customers holding credit cards of the merged bank will be issued a credit card of the bank they merge with after the merger. However, customers do not have any problem, so the merging bank's credit card will remain valid for a few days.
Customers holding fixed deposits in the merging bank will have to do some paperwork, as the fixed deposits will eventually be transferred to Anchor Bank. It is not yet clear what will be the change in the interest rate of customers taking loans from merged banks. The reason for this is that banks have different MCLR rates right now. Shareholders of listed banks in the stock market will also be affected. The swap ratio of the shares will be announced later. This means that the person holding the shares of the merging bank will be issued shares of the anchor bank in exchange for those shares. Banks will tell its ratio later. One good thing is that after the merger, customers will have access to more branches of the bank. PNB will become the second largest bank in the country after the merger of PNB, OBC and United Bank. With this, branches of both banks will also become PNB. This will greatly increase the number of branches for the customers of these banks. The government has decided to maintain the existence of Bank of India and Central Bank of India. Apart from these, Indian Overseas Bank, UCO Bank, Bank of Maharashtra and Punjab and Sindh Bank will also exist. The merger decision will not have any impact on the customers of these banks.