BANKING GENERAL KNOWLEDGE
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Question
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Which of the following Bank has allowed the amalgamation of its wholly own subsidiary-All Bank Finance Ltd (ABFL)-with the lender by Ministry of Corporate Affairs recently?
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Corporation Bank
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Bank of Baroda
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Punjab National Bank
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Allahabad Bank
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Explanation:
Detailed explanation-1: -In 2005 Industrial Development Bank of India Ltd merged their banking subsidiary IDBI Bank with themselves.
Detailed explanation-2: -For example, inter-alia, Punjab National Bank acquired New Bank of India in 1993, Bank of Madura Ltd merged into ICICI Bank Ltd in 2001 and Bhartiya Mahila Bank merged into State Bank of India in 2017. In August 2019, Government of India announced the-merger of 10 Public Sector Banks (“PSBs”) to 4.
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