History of Allahabad Bank

Allahabad Bank is one of the premier nationalized banks in India. It is also the oldest joint stock bank of India. It was incorporated by a group of Europeans at Allahabad on April 24, 1865. It was the time Indian economy had started shifting towards organized trade and business affairs. After some years in 1920, the P&O Bank brought Allahabad Bank and its headquarters at Kolkata. The Allahabad bank got an entirely new identity when it was nationalized in 1969 along with 13 other banks in India. Since then the Allahabad Bank had a smooth journey towards progress. Today it is one of the leading banks in India with a whooping business of over Rs.1, 00,000 crores. The first directors of the Bank were Mr. G. Brown, Mr. T. Moss, Mr. S. Bird and Mr. A. W. Wollaton. At that juncture, organised industry, trade and banking had just started taking shape in India. 

Milestones 

Date	Event
April 24, 1865	Allahabad Bank, was established in Allahabad by a group of Europeans with a subscribed capital of Rs. 0.2 million.
1890’s	By the end of 19th Century, the Bank had its branches at Jhansi, Kanpur, Lucknow , Bareilly, Nainital, Calcutta and Delhi.
1900’s	Allahabad Bank witnessed a spurt in deposits during the Swadeshi movement and its reserve fund rose to Rs. 3 million in 1910.
1910’s	The Bank pulled through the world-wide monetary crisis in 1913 with sound banking policies.
1920’s	In 1920, the P & O Banking Corporation made an offer of affiliation with a bid price of Rs. 436 per share and the Bank became a part of P & O Banking Corporation’s group.
March 3, 1923	On business considerations and for operational convenience, the Head Office and the Registered Office of the Bank was shifted to Calcutta.
1927	The Bank became a part of the Chartered Bank group, when Chartered Bank acquired the controlling interest in the P & O Banking Corporation.
September, 1964	The Bank opened its 100th office at Ranchi.
July 19, 1969	The Bank was nationalised on July 19, 1969, along with 13 other major commercial banks. At the time of nationalisation, the Bank had a network of 151 branches, deposits of Rs. 1189.9 million and advances of Rs. 820 million. These constituted 1.8%, 2.5% and 2.3% of the banking system respectively.
April 3, 1982	The Bank opened its 1000 branch on April 3, 1982. The Bank also opened specialised branches, such as Industrial Finance Branches, International Branches, Finance Branches, Recovery Branches, Industrial Finance-and -International Branches, NRI BranchesSpecialised Personal Banking Branches, Specialised Savings Bank Branches, Quick Collection Service Branches, Trading Finance Branches and Service Branches.
1984	The Bank made a foray into merchant banking activity in 1984 and subsequently transferred the merchant banking activities to AllBank Finance Limited, a wholly owned subsidiary, in 1991.
October 1989	United Industrial Bank Limited was amalgamated into Allahabad Bank.
October, 2002	In 2002, the Bank came out with its first initial public offering of shares which resulted in the reduction of the government’s shareholding in the Bank and in 2005 the Bank came out with its follow-on Public Offer of ten crore equity shares of Rs.10/- each at a price of Rs.82/- per share. The issue was over subscribed by more than 9 times reducing the Govt. shareholding to 55.23%
Present Status	At present, the Bank has 2260 branches and 44 Zonal Offices, 6 Staff Training Colleges ( including one for technology) and 4 staff training centres for imparting training and upgradation of knowledge base of human resources. A number of Bank’s branches and offices are housed in the Bank’s owned premises situated at prime locations in major cities of the country.

Branches and Business
Allahabad has adopted CBS (Core Banking Service) since 2006 and has developed 24 hours connectivity with its 2165 branches across the length and breath of the country. In 143 years of it existence the bank has come a long way by developing a wide grip over all the corners of India. At present the Allahabad Bank has 44 Zonal Offices 6 Staff Training Colleges and 3 Staff Training centers for imparting training centers in India. 

Apart from general branches, the bank has also come up with specialized branches, like Industrial Finance Branches, International Branches, Finance Branches, Recovery Branches, NRI Branches Specialized Personal Banking Branches, Specialized Savings Bank Branches, Quick Collection Service Branches, Trading Finance Branches and Service Branches in many major cities of India. 

The businesses of the bank are thriving successfully. In the end of March 2007, the Allahabad Bank crosses a land mark of Rs.1, 00,000 crores. The bank's business also registered a 6.90% growth during April-Sept 2007, when its business increased up to Rs.1, 08,458 crores from Rs.1, 01,458 crores in merely 5 months. On Year-on-Year basis, the business of the bank has grown at a rate of 19.87%. The bank also registered an immense growth in total deposit record when its business went up to Rs.65,896 at end of September 2007 crores from Rs.54,006 crore in September 2006. 

Product and Services 

Deposit Products

Diamond Jubilee Deposit Scheme

Rs. 5 Banking

Gold Deposit

Flexi-fix Deposit

Retail Credit Products

All Bank Housing Finance Scheme

Personal Loan Scheme for Pensioners

All Bank Property Loan

All Bank Saral Loan Scheme

All Bank Educational Loan Scheme

Overdraft Facility in Savings Bank Account

Personal Loan Scheme for Doctors/ Medical Practitioners

Loan against NSC/ KVP

All Bank Mobike Scheme

All Bank Rent Loan

AllBank Gyan Dipika Scheme

All Bank Car Finance Scheme

AllBank Pilot Training Loan Scheme

All Bank Furnishing Loan

All Bank Gold Loan Scheme

AllBank Reverse Mortgage Scheme

All Bank Abhusan Scheme

All Bank Trade Scheme

Other Credit Products

Kisan Credit Card

Kisan Shakti Yojana

AllBank-Expo

Services

All Ayushman Bima Yojana

Cash Management Services

Depository Services

Visa Cum Debit Card Services

Real Time Gross Settlement

National Electronic Funds Transfer

Gold Card Scheme For Exporters

Charter for MSME's

Government Business

Regional MSME care centers

Head Office 
Allahabad Bank
2, N S Road
Kolkata – 700001
West Bengal 
Website: www.allahabadbank.com