Indian Bank, which is set to anchor Allahabad Bank as part of the amalgamation of public sector banks, has set its sight to expand its business to Rs 10 lakh crore by 2022. The merged bank, which will commence operations from next month, will have its headquarters in Chennai and will operate under the Indian Bank name, while the logo of both banks will be retained for the initial period.

The management has decided not to make undue transfers or make major changes in perks and emoluments of employees. While senior officials will monitor operations in Calcutta, where Allahabad Bank has its headquarters, once the bank reaches the milestone of Rs 10 lakh crore, the chief general manager could be posted to oversee operations at key regions.

“The Allahabad Bank board will discontinue while the board of Indian Bank will continue. We are taking all steps to ensure that banking is uninterrupted. Assurance has been given to employees that perk and emoluments would be protected. As far as transfers are concerned, up to mid management people will not be disturbed unnecessarily immediately,” said Padmaja Chunduru, managing director and CEO of Indian Bank.

She added that the merged entity has recorded a business of around Rs 8.5 lakh crore. “We are optimistic about the growth of the bank. But, depending on how the economy is moving and the current situation, by 2022 we should be able to pass that mark,” said Chunduru.

After the merger, the corporate-to-retail credit book of the combined bank entity would almost be equal. “We have been meeting our corporate clients and other clients so as to reassure them that by moving the headquarters from here to Chennai, we will not hamper their requirements,” said K. Ramachandran, executive director of Allahabad Bank.

He added that as the combined entity has not touched Rs 10 lakh crore business, it is not possible to appoint a chief general manager.