Know Your Bank: Allahabad Bank

As part of our Know your Bank series, we are today sharing detailed information of Allahabad Bank. We hope this will help you.

Allahabad Bank was founded on April 24, 1865 by a group of Europeans at Allahabad with a subscribed capital of Rs. 0.2 million. It is the Oldest Joint Stock Bank of the Country.

At that juncture Organized Industry, Trade and Banking started taking shape in India. Thus, the History of the Bank spread over three Centuries - Nineteenth, Twentieth and Twenty-First.

Chairman & Managing Director – Shri Rakesh Sethi

Headquarter – Kolkata, India

Tagline – A Tradition of Trust

In 1923, the Head Office of the Bank shifted to Calcutta on Business considerations and operational Convenience.

It is got nationalized in the year 1969 along with 13 other banks and is the Oldest Joint Stock Bank of the Country.

In October 1989, United Industrial Bank Limited was amalgamated into Allahabad Bank.

Allahabad Bank offers ATM Services to its customers in 110 cities & towns spread all over the country. Allahabad bank is also a member of VISA & NFS Networks thereby enabling customers to access a wide network of ATMs in India and abroad.

While Allahabad Bank’s own ATM Network comprises 1208 ATMs, one can also access the ATM infrastructure of other NFS Infinet Member banks at free of Cost. Total ATM Coverage under this network is more than 78,950 ATMs.

Its select Branches across the country facilitate Inward Money Transfer Services from any place in the world in hassle free through Xpress Money and Money Gram to account holders and non-account holders.

Allahabad Bank has been appointed as one of the Point of Presences (PoP) for the New Pension System launched on 1st May 2009 by the Government of India.

It was the first nationalized bank in Eastern India to launch Depository Participant Services from Kolkata with its own Server attached to the Premier Depository, National Securities Depository Services Limited (NSDL). The Bank is now offering the Depository Services through both NSDL and CDSL.

Award:

Allahabad Bank, has been conferred the second prize by the Ministry of Rural Development for providing self-employment opportunities to the rural masses of the country through its 21 established Rural Self Employment Training Institutes (RSETIs).

The prize was conferred based on the public sector lender’s performance in the financial year 2013-14.

In News:

For the third quarter of current financial year, that ended December 2015, the bank posted a loss of Rs 486 Crore against a profit of Rs 164 Crore in the year-ago period. And the Bank has a gross NPA of Rs 9,802Crores.

Read More:

Know Your Bank: Bhartiya Mahila Bank

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