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Allahabad Bank Company History and Annual Growth Details

1865 - Allahabad Bank was set up on 24th April, at Allahabad by a Group
of Europeans with subscribed capital of Rs.3 lakh. It is the
oldest Bank in the country at present.

1920 - The P & O Banking Corporation took over the bank by acquiring its

1965 - The Bank celebrated Centenary. In 1969 it was nationalised. The
bank has reached all social banking targets.

- It has introduced the Crop Credit Card (Fasli Shigra Ring Patra).
It has launched the credit card 'India Card - Allahabad Bank'.

1992 - During the year the country faced its economic challenges Boldly
and emerged with creditable achievements despite the following

- Longer maturity Treasury Bills (364 days) have been introduced.

- The Bank has adopted 23 villages as 'Model villages' for their
integrated development.

- International Branch at Moradabad became the first nationalised
bank outside a metropolitan city to handle foreign exchange

- The Bank has been designated as one of the banks to handle India
Development Bonds Scheme under which the Bank mobilised
subscriptions of Rs. 14.85 crore.

- The Bank's Computer Based Terminal was commissioned at
International Branch, Mumbai.

- The Bank has joined the elite group of 3000 banking/financial
institutions in 72 countries for rapid transfer of standardised
messages among SWIFT members by using state of art communication

- A dedicated communication line was set up between the mainframe
computer and the Central Accounts Department to accelerate
data-transfer and update data files.

- The Bank has an effective vigilance set up to handle the Bank's
vigilance matters.

- The Bank was awarded Fourth Prize by the RBI under the Reserve
Bank of India Shield Scheme for its commendable work regarding
implementation of Hindi in Region 'C'. It was awarded a
certificate and the Third Prize in the Indira Gandhi Official
Language Shield Competition 1991.

- The Rajbhasha Shield was awarded to the Bank as Second Prize
for its best performance by the Official Language Implementation
Committee of Calcutta for the year 1991. Rajbhasha Shields were
awarded to Patna, Kanpur and Lucknow Zones and Hyderabad Regional

- The Bank organised an Official Language Conference at Jaipur
during December 1991, It is regularly publishing the House
Journal 'Triveni Dhara' which contains Hindi section.

- The Head Office Official Language Department has been publishing
the journal 'Ila Bharati' in Hindi.

- The Bank has introduced mechanisation of Draft Reconciliation
System at 11 Service Branches.

1993 - It has been proposed to set up a Securities Trading Corporation.

- During the year, a Memorandum of Understanding was signed with
Bank of India for issuing the Bank's INDIACARD with Mastercard

- The Bank implemented the new scheme of the Government called
'Simplified Scheme for payment of income tax by shopkeepers and
other retail traders'.

- The International Branch, Mumbai, has been connected to the SWIFT

- During the year Shresthta Ka Pramanpatra was awarded to the Bank
by TOLIC, Calcutta.

1994 - International Divisions have been opened at Nadesar Varanasi,
Agra City and Kanpur.

1995 - The Bank has entered into an MOU with the Small Industries
Development Bank of India (SIDBI) for financing small scale
industrial units.

- The Bank will shortly be setting up a housing subsidiary with a
proposed name 'All Housing Finance Ltd.'

- The Bank has 5 International Branches and 4 International

- The Bank organised 123 Hindi Workshops at different training
centres and at Zonal Office level during the year in which 2389
officers/employees were imparted practical training in Hindi.

- The Reserve Bank of India has awarded first prize to the Bank for
commendable work in Hindi in Region 'A' during the year.

- The Bank emerged as the champion in the 8th All-India InterBank
Football Tournament, sponsored by the Banks' Sports Board, IBA,
held in Calcutta in February 1995, in which 10 banks

1996 - The Bank set up Information Technology Centre to provide indepth
computer training to Officers at Calcutta and Lucknow.

- The Bank emerged as the runners-up in the 7th Inter-Bank Football
Tournament (Eastern Region), sponsored by the Banks' Sports
Board, IBA, held at Durgapur from 15.2.1996 to 21.2.1996 in which
8 banks participated.

1997 - A one-day token strike was observed in all the 475 branches of
Allahabad Bank in West Bengal to protest the management's
alleged apathetic attitude towards the employees long standing

- Wipro the Indian computer giant, is set to win the first phase
of the computerisation contract from the Calcutta based
Allahabad Bank.

- The Calcutta based Allahabad Bank has decided to close down all
its 11 zonal offices and relocate some of its regional offices
as part of the restructuring process in the bank.

- Allahabad Bank, the Calcutta-based public sector bank, which
has received an in-principle clearance from the Reserve Bank of
India (RBI) for setting up a housing finance subsidiary, is
reviewing its decision to do so in the light of the present
market scenario.

- Allahabad Bank has set up a committee in order to evolve a new
formula for advancing loans for working capital requirements of

- The Calcutta-based public sector Allahabad Bank has recently
beefed up its Tier-II capital by a revaluation of its assets,
chiefly real estate assets, by Rs 132 crore. This has enabled
an increase in the bank's capital adequacy ratio (CAR) by one
percentage point to above 10 per cent.

- Allahabad Bank has set up a committee in order to evolve a new
formula for advancing loans for working capital requirements of
businesses. An expert committed has set up around two days ago
which is studying the issue.

1998 - Allahabad Bank is scouting for foreign tie-ups in the area of
gold trading, for which it has recently received permission
from the Reserve Bank of India (RBI).

- The Allahabad Bank has become one of the first banks in the
country to draw up a credit management policy following the
dismantling of the Reserve Bank of India-prescribed Maximum
Permissible Bank Finance (MPBF) norms.

- Allahabad Bank has entered into an arrangement, informally
though, with IDBI and ICICI in regard to funding of
infrastructure projects.

- Allahabad Bank is all set to widen its term deposit portfolio
with the launch of its Flexifix Deposit Scheme on January 1.
Flexifix Deposit offers to the customers high interest returns
of the fixed deposit scheme along with the option of
withdrawing a part of their deposits prematurely without
affecting the rate of interest or maturity date of the balance
part of the deposits.

- The bank is installing 14 automated teller machines (ATMs) in
eight cities throughout India, the Rs.1.20 crore contract for
which has been awarded to Siemens Nixdorf Information Systems

- The Allahabad Bank launched the Allahabad Bank Green Card for
farmers to enable adequate and timely credit support to them, not
just to meet cultivation costs but also domestic needs.

1999 - Allahabad Bank has launched two new schemes to increase the
pace of credit offtake.

- TATA Consultancy Services (TCS) has entered into a contract
with Allahabad Bank for implementing the Integrated Standard
Banking System (ISBS), a branch mechanisation package, at 60
branches of the bank.

- The city-based Allahabad Bank has bagged three major core
sector clients - National Thermal Power Corporation (NTPC), Power
Grid Corporation and Indian Railway Finance Corporation Ltd

- AllBank Finance Ltd the 100-per cent subsidiary of Allahabad
Bank, will seek the approval from the Reserve Bank of India
(RBI) for accepting public deposits.

- Allahabad Bank is launching a new trading finance scheme to
bolster the growth of its merchant segment. The scheme, which
already has the board's approval, was recently formulated by
the bank's business promotion committee (BPC).

2000 - Allahabad Bank launched 56 boutique branches on Friday.

- Allahabad Bank is to float a global tender inviting bids from
international vendors for supplying both hardware and software to
network 250 of its branches including regional and zonal offices.

- Allahabad Bank has launched a new portal, the second of its kind,
for sanctioning car loans through the Internet.

- Allahabad Bank becomes the first public sector bank to have an
exclusive Web site of its own, www.allbankcarloans.com, dedicated
to sanctioning car loans through the Internet.

- The Bank is making a foray into housing finance with the opening
of 38 housing finance cells. The bank introduced a wide range of
personal finance products such as car, personal, consumer,
housing loans and flexifix deposit schemes et al.

- Calcutta-based Allahabad Bank has developed three new products -
collect and pay services, guaranteed credit services and direct
deposit services.

- The Bank has installed an automatic teller machine at its Vashi
branch under the shared payment network of the Indian Banks'

- Allahabad Bank's Gariahat branch in the city will offer 24-hour
telebanking facility from 28th June.

- The Bank has tied up with Zenith Infotech to provide Internet

- Allahabad Bank has launched Allnet - the bank's internet banking service at its
industrial finance branch in Mumbai.

- Allahabad Bank as introduced its voluntary retirement scheme and a
sabbatical for its officers and employees.

- Allahabad Bank has proposed to expand its depository services in Calcutta by
opening collection centres at five strategic locations in the city.

- Allahabad Bank set up a firstaid centre in the Science City, at Calcutta.

2001 - Allahabad Bank has launched its new personal loan scheme for pensioners.


-Allahabad has tied up with National Institute of Banking Management, Crisil and Earnst & Young for development of HRM, risk Management and general business strategy.

-Allahabad bank has posted a 101%growth in the net profit to Rs.80.21cr with a business
of 34,481.

-ICICI Bank has opposed Allahabad Bank's petition seeking Kothari Petro wind up.

-Allahabad Bank cuts its Prime Lending Rates, its revised rates will be 11.5% as against
the present 12%.

-Allahabad Bank takes the posession of property worth Rs. 3cr in the city using the powers
given by the securitisation and reconstruction of Financial Assets and Enforcement of
security ordinance.

-Bank serves notices to 700 defaulters involving Rs.100cr


-Allahabad Bank has seized the commercial assets of the Gurantors of Ramolene Fabrics
(P) Ltd in Mumbai.

-The rural banking department of Allahabad Bank has provided loans to farmers of the rural
areas for agriculture.

-Allahabad bank signs a Memorandum of Understanding with Corporation Bank for
mutual sharing of their ATM Network.

-Bank has been able to prune non-performing assets by Rs.540crs through a mix of
cash recoveries, compromise, upgradation and wire-offs.

-Dr.B Sama, Chairman and MD of the bank has retired at the close of the business on date
due to its superannuation interms of GOI.

-Mr. Onkar Nath singh has assumed charge of Chairman and Managing Director of the Bank in terms of Notification No.F.No.9/14/2003-B.O.I. dated December 04, 2003 of Government of India, Ministry of Finance, Department of Economic Affairs (Banking Division).


-Allahabad Bank slashes prime lending rates by 50 basis points

-Allahabad Bank participates in the equity of an ARC being floated by UTI

-Allahabad Bank has informed that the Central Government after consultation with the Reserve Bank of India has nominated Smt. Sewali Chowdhary, Chief General Manager, Rural Planning and credit Department Reserve Bank of India, Kolkata, as Director on the Board of Directors of Allahabad Bank in place of Sri Surinder Kumar with effect from January 9, 2004 and until further Orders. Consequently, Sri Surinder Kumar has ceased to be a Director of the Bank.

-Allahabad Bank has informed that it has entered into an MOU with the Export Credit Guarantee Corporation of India (ECGC) for distribution of their products to the exporters.

-UTI Mutual Fund and Allahabad Bank on April 5, 2004 announced a strategic tie-up for distribution of UTI MF schemes

-Allahabad Bank has on April 24, 2004 stepped into the 140th year of its glorious existence in the Indian Financial sector.

-Life Insurance Corporation of India and Allahabad Bank enter into a strategic tie up to develop bancassurance

-Allahabad Bank MD gets award from Wisitex


- Allahabad Bank sets the price band for the public issue of 100,000,000 equity shares of Rs 10 each for cash through book-building route, which is opening on April 06, 2005. The price band is Rs 75 to Rs 82 per share of face value of Rs 10/- each. Rs 75/- being floor price and Rs 82 being the cap price. Accordingly bid lot has been decided at 75 shares and in multiples of 75 shares thereafter.

- Allahabad Bank public issue oversold 3.32 times

- The follow-on Public Issue of 100,000,000 Equity Shares of the Bank through the book building process opened for bidding on April 06, 2005 and closed on April 12, 2005. The price band fixed for the same was Rs.75 to Rs.82. Based on the response to the follow-on Public Issue and after consultation with the Book Running Lead Managers, the Bank has fixed the Issue Price at Rs. 82/- per Equity Share for the purpose of allotment of equity shares in the said follow-on Public Issue of the Bank.

-Allahabad Bank signs memorandum of understanding with Mahindra Gujarat Tractor Ltd for financing Hindustan brand tractor under special finance scheme

-Allahabad Bank to begin 12-hr banking in 33 branches


-Allahabad Bank appointed Shri. A C Mahajan as Chairman & Managing Director (CMD) on August 01, 2006 upto July 31, 2010

- Allahabad Bank has informed that Sri S. L. Jain, Chief Manager will act as Company Secretary of the Bank w.e.f November 01, 2006 in place of Sri Peter Barua, Company Secretary who will retire from Bank's Service on date.

-Allahabad Bank merges six RRBs in UP

-Allahabad Bank launches first overseas office in China


- Allahabad Bank has informed that Government of India, Ministry of Finance, Departmental of Financial Services vide notification dated December 19, 2007 nominated Shri K K Dogra, Sr Manager of the Bank as Officer Employee Director on the Board of Directors of the Bank for a period of three years from the date of notification or till he ceases to be an officer of the Bank or until further orders, whichever is the earliest.


-Allahabad Bank has informed that Government of India, Ministry of Finance, Department of Financial Services vide notification dated June 25, 2008, has appointed Shri. A C Mahajan, Chairman & Managing Director of the Bank as Chairman & Managing Director of Canara Bank from the date of his taking charge on or after July 01, 2008.

- Allahabad Bank has informed that in exercise of the powers conferred by clause (a) of sub-section (3) of section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 / 1980, read with sub-clause (1) of clause (3) and sub clause 8 of the Nationalized Banks (Management and Miscellaneous Provisions) Scheme, 1970 / 1980, the Central Government, in consultation with Reserve Bank of India hereby appoints Shri. K R Kamath as Chairman & Managing Director, Allahabad Bank for a period of five years on and from August 02, 2008 or until further orders whichever is earlier.


- Allahabad Bank has appointed Shri. Dina Nath Kumar as Company Secretary of the Bank. Shri. Dina Nath Kumar will act as Company Secretary of the Bank w.e.f. April 02, 2009 in place of Shri. S.L. Jain.

- Allahabad Bank has informed that Shri. Dina Nath Kumar has been appointed as Company Secretary of the Bank. Shri. Dina Nath Kumar will act as Company Secretary of the Bank w.e.f. April 02, 2009 in place of Shri. S L Jain.

- Allahabad Bank has informed that Bank has received only (1) valid application for contesting the election against one casual vacancy of shareholders' director as detailed below:- Name: Dr. Vasant Baburao Kaujalgi ,S/O Shri Baburao G Kaujalgi, Address: N 220 Ushas Apt. 16 Main, 4 Block, Jayanagar , Bangalore 560011. In view of this Dr.Vasant Baburao Kaujalgi is deemed to have been elected as Director representing shareholders forthwith and shall hold office till June 29,2011.In view of the above , there shall not be any election as set out in item No. 4 of the Notice for convening AGM.

- Allahabad Bank has informed that consequent upon the appointment of Shri. A K Mohapatra, as Member, Appellate Authority for Industrial & Financial Reconstruction (A.A.I.F.R), Ministry of Finance, Govt. of India, Shri. A K Mohapatra, resigned as director representing shareholder of the Bank w.e.f. June 26, 2009.

- Allahabad Bank decided to cut its benchmark prime-lending rate by 25 basis points from July 1.


- Allahabad Bank has appointed M/s. P A & Associates Chartered Accountants, M/s. M R Narain & Co. Chartered Accountants, M/s. S Ghose & Co. Chartered Accountants, and M/s. K M Agarwal & Co. Chartered Accountants, as the Statutory Central Auditors of the Bank in place of M/s. Rasool Singhal & Co, M/s. Dass Gupta & Associates, M/s. Anand Rungta & Co. and M/s. K S Bothra & Co.

- Allahabad Bank has appointed Shri D. Sarkar as whole time director (designated as Executive Director) of the Bank.


- Allahabad Bank has set up a branch in the Union Territory of Dadra and Nagar Haveli under the bank's zonal office, Ahmedabad.

- Allahabad Bank has appointED Shri A. B. Bhattacharjee, as General Manager (F&A) and Chief Financial Officer (CFO) of the Bank.
Oct 26, 4:01 pm
Oct 26, 4:14 pm
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