Category: Allahabad Bank

Union Bank of India (UBI) reported an 83 per cent quarter-on-quarter (QoQ) jump in standalone net profit at ₹ 1,330 crore in the fourth quarter ended March 31, 2021 against ₹727 crore in the third quarter ended December 31, 2020. A write-back in standard assets provisions and other income supported the bottomline. The bank’s financial results for Q4FY21 are for the post-amalgamation (Andhra Bank and Corporation Bank merged with the Bank with effect from April 1, 2020) period and that for the year ago period (Q4FY20) are of the pre-amalgamation period. Hence, the results are not comparable year-on-year. In the year ago period, the bank had reported a net loss of ₹2,503 crore. The …
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Source: https://www.thehindubusinessline.com/money-and-banking/union-bank-reports-83-qoq-jump-in-net-profit/article34753009.ece/amp/

Shares of six banks that will be merged with four other banks from April 1 would be suspended from trading on the bourses from March 20. The banks are Andhra Bank, Allahabad Bank, Corporation Bank, Oriental Bank of Commerce, Syndicate Bank and United Bank of India.The National Stock Exchange (NSE), in a similar-worded releases, said that it will be suspending the trading of six banks from March 20 (that is, closing hours of trading on March 19) due to the scheme of amalgamation.United Bank of India (UBI) and Oriental Bank of Commerce (OBC) would be merged with Punjab National Bank, while Andhra Bank and Corporation Bank would be amalgamated into Union Bank of India (UBI), Syndicate Bank…
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Source: https://www.thehindubusinessline.com/markets/amalgamation-effect-march-19-will-be-last-date-of-trading-for-6-banks/article31082596.ece/amp/

State-owned Union Bank of India on Monday said it has completed IT integration of all branches of erstwhile Andhra Bank with itself.In November last year, the lender had completed its IT integration with erstwhile Corporation Bank.The amalgamation of Andhra Bank and Corporation Bank with Union Bank came into effect from April 1, 2020.”With this achievement, the entire IT integration of erstwhile Andhra and Corporation Bank branches with Union Bank of India has been completed,” the lender said in a release.All customers of erstwhile Andhra Bank and Corporation Bank have been…
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Source: https://www.businessworld.in/amp/article/Union-Bank-Completes-IT-Integration-Of-All-Andhra-Bank-Branches-With-Itself/25-01-2021-369702/

Andhra Pradesh Chief Information Commissioner R. Mahaboob Basha has declared his assets worth around ₹62 lakh on May 29 (Monday). He has uploaded a 10-page document pertaining to his assets on https://sic.ap.gov.in/, the official website of the State Information Commission. The move comes after former bureaucrat E.A.S. Sarma had appealed to Andhra Pradesh Governor S. Abdul Nazeer to advise the members of the State Information Commission to disclose their assets and sources of income in line with their statutory obligation to promote transparency in the functioning of all public authorities. The movable property of Mr. Basha includes ₹25,000 in a savings account at Indian Bank,…
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Source: https://www.thehindu.com/news/national/andhra-pradesh/andhra-pradesh-chief-information-commissioner-discloses-assets-worth-62-lakh/article66908343.ece/amp/

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Source: https://www.moneycontrol.com/

The Union Bank of India (UBI) has informed its customers about phasing out old cheque books, and replacing them with new cheque books with additional security features from July 1, post the merger of Andhra Bank and Corporation Bank with it, and also as part of a prior Reserve Bank of India (RBI) directive. The old cheque books from Andhra Bank and Corporation Bank are valid only till June 30, 2021, it said in a communication to its customers. As per RBI directives, all old cheque books issued by branches of the erstwhile Andhra Bank and Corporation Bank would not be effective in usage from July 1. RBI has informed that no further extension would be provided, the bank noted and told its…
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Source: https://www.thehindu.com/news/national/tamil-nadu/old-cheque-books-of-andhra-corporation-bank-to-be-valid-only-till-june-30/article34985577.ece/amp/