Government raises authorised capital of Allahabad Bank to ₹8,000 crore

State-owned Allahabad Bank said on Tuesday the government has increased its authorised capital by ₹5,000 crore to ₹8,000 crore.

The central government after consultation with the Reserve Bank of India has increased the authorised capital of the bank from ₹3,000 to ₹8,000 through Gazette Notification, Allahabad Bank said in a regulatory filing.

The increase in authorised capital will help enable the bank to raise further fund up to a maximum ceiling of ₹8,000 crore.