A bank mentioned in the Second Schedule of the Reserve Bank of India Act is known as 'Scheduled Commercial Bank'. These six banks merged with other public sector banks (PSBs) with effect from April 1.
The coronavirus outbreak also poses new threats to the amalgamated entity to clock around 12 percent loan growth at the end of the next fiscal.
While the RBI's repo rate remains unchanged at 5.15 percent, the three-month MIBOR (Average) has reduced to 5.75 percent from 6.15 percent.
The Asset Liability Management Committee of the bank has reviewed the existing MCLR and decided for a downward revision by 5 basis points (bps) across different MCLR tenors, the bank said in a regulatory filing.
Total business stood at Rs 3.93 lakh crore in the December quarter, the bank said in a release. It was Rs 3.67 lakh crore in the third quarter of 2018-19.
It has touched an intraday high of Rs 19.70. The stock also witnessed spurt in volume by more than 1.48 times.
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.
Gross non-performing assets (NPA) as a percentage of the gross advances rose significantly by 162bps sequentially to 19.05 percent.
Rao, 57, currently the Managing Director and Chief Executive Officer of Allahabad Bank, has been appointed to the new post up to September 18, 2021.
Finance Minister Nirmala Sitharaman had on August 30 announced the consolidation of 10 state-run banks into four large-scale lenders.
Last week, the government announced consolidation of 10 public sector banks into four mega state-owned lenders, including merger of Allahabad Bank with Indian Bank.
Bank of Baroda, Bank of India, Indian Overseas Bank and Union Bank of India were fined Rs 1.5 crore each, while Allahabad Bank and Bank of Maharashtra were penalised Rs 2 crore each. Oriental Bank of Commerce was penalised with Rs 1 crore, the RBI said.
Total income was down at Rs 4,747.49 crore in June quarter of 2019-20, as against Rs 4,794.04 crore in the same quarter of the last fiscal, the bank said in regulatory filing.
In its report that runs into over 70,000 pages, the investigating agency has charged officials of 13 banks of being hand-in-glove with the Bhushan Steel promoters
SEL Manufacturing is a fully provided non performing account.
Allahabad Bank informed the bourses that for outstanding dues of Rs 688.27 crore NCLT proceedings are in progress.
It is the second lender, after Punjab National Bank, to report fraud by Bhushan Power
Bhushan Power & Steel defaulted on Rs 47,700 crore worth of loans in 2017 and was one of the 12 cases referred for resolution under Insolvency and Bankruptcy Code.
The Kolkata-based lender registered a loss of Rs 4,674 crore in 2017-18 and a loss of Rs 279 crore during 2016-17.
Total income during the last fiscal was down at Rs 18,806.38 crore as against Rs 19,487.51 crore a year ago.
The move, a yearly practice by the exchange, is the interest of retail traders. The removal which is usually based on pre-defined criteria helps in maintaining liquidity in the instrument
The increase in authorised capital will help enable the bank to raise further fund up to a maximum ceiling of Rs 8,000 crore.
At 1103 hrs, Allahabad Bank was quoting Rs 51.85, up 1,67 percent on the BSE.