Government Raises Authorised Capital of Allahabad Bank To Rs 8,000 Crore

State-owned Allahabad Bank stated that the government has increased its authorised capital by Rs 5,000 crore to Rs 8,000 crore. The central government after consultation with the Reserve Bank of India increased the authorised capital of the bank.

The increase in authorised capital will help enable the bank to raise further fund up to a maximum ceiling of Rs 8,000 crore.

Source: Moneycontrol

Static/Current Takeaways Important for LIC AAO Exam:

  • Allahabad Bank MD and CEO: S. S. Mallikarjuna Rao, Headquarters: Kolkata.

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