Current Affairs - Banking - Discussion

Allahabad Bank stated that it has received approval from Union Ministry of Corporate Affairs for amalgamation of its fully-owned subsidiary All Bank Finance Ltd. (ABFL) with itself. Bank's board had approved the proposed amalgamation in December 2016. All Bank Finance offers fee-based services like debenture trusteeship, distribution of mutual fund schemes, investment advisory and portfolio management and security valuation. For financial year 2016-17, ABFL's total income stood at Rs 13.30 crore, while the net profit was Rs 6.76 crore.