State-possessed Allahabad Bank on Thursday said in an administrative recording that it would get a new capital mixture of ₹2,153 crore from the legislature in the current budgetary year.
The Department of Financial Services passed on the approval for the arrival of the new capital.
The mixture is towards the commitment of the focal government in the particular assignment of value portions of the bank during the monetary year 2019-20 as the administration’s venture, it said.
Imbuement of the capital into the bank comes in front of the merger with the Indian Bank and would enable the bank to meet the administrative prerequisite to get amalgamated with a greater friend.
Prominently, Allahabad Bank had not highlighted in the rundown of banks who have affirmed an all-out crisp capital mixture of ₹55,250 crore, as declared on August 30 by the administration.
In this rundown, Punjab National Bank was affirmed to get ₹16,000 crore, Union Bank of India ₹11,700 crore, Canara Bank ₹6,500 crore and Indian Bank ₹2,500 crore.
In addition, Bank of Baroda got a capital implantation of ₹7,000 crore, Indian Overseas Bank ₹3,800 crore and Central Bank of India ₹3,300 crore.
This round of capital mixture as proposed will upgrade the capital base of open segment banks so they could quicken loaning in an offer to support development.