Government has raised authorised capital of Allahabad Bank by Rs 5,000 crore to Rs 8,000 crore. The increase in authorised capital will help enable the bank to raise further fund up to a maximum ceiling of Rs 8,000 crore.
The central government after consultation with the Reserve Bank of India has increased the authorised capital of the bank from Rs 3,000 to Rs 8,000 through Gazette Notification.
Allahabad Bank is a nationalised bank with its headquarters in Kolkata. It is the oldest joint stock bank in India.