RBI, which acts as debt manager for state governments provides short-term loan to them to bridge temporary liquidity mismatches.
"The bank has been in touch with RBI and the management has informed them that efforts are on to turn around," a person familiar with the matter said.
The bank declared the closure of the issue in a regulatory filing to stock exchanges.
"Allahabad Bank has come out of the PCA. It is only the starting point," said MD and CEO.
The bank’s capital raising committee will finalise the issue price for QIP on Friday.
Wage revision in public sector banks takes place in every five years. The 11th bipartite settlement is due from November 1, 2017.
Indiabulls Housing Finance leads race for Lakshmi Vilas Bank merger; Edelweiss, Srei Infrastructure also keen
The Chennai-based bank has been evaluating the merger option as it needs to augment long-term capital.
Smaller banks, with low-cost liabilities, are attractive bets for bigger para banks, and a successful deal involving Lakshmi Vilas could act as the template for Indian financiers.
The government has not accepted the demand for another chance to switch to pension.
While protecting small investors is at the heart of the law, it also targets the scourge of black money.
- No blogs yet have been written by the author, we’re sure the author will contribute one soon