ALBK

In 1865, the bank was set up on 24th April, at Allahabad by a group of Europeans with a subscribed capital of INR 3 lakh. It is the oldest bank in the country at present. In 1920, the P & O Banking Corporation took over the bank by acquiring its shares. In 1965, it celebrated the Centenary. In 1969, it was nationalized and reached all social banking targets. It also introduced the Crop Credit Card (Fasli Shigra Ring Patra) and launched the credit card "India Card - Allahabad Bank."

Some of the Milestones:

• 1992:
• The nation faced its economic challenges boldly and emerged with creditable accomplishments notwithstanding the following constraints.
• It adopted 23 villages as `Model villages' for their development.
• Its international branch at Moradabad became the first nationalized bank outside a metropolitan city that handled foreign exchange business.
• Its Computer-Based Terminal was commissioned at International Branch, Mumbai.
• It had an effective vigilance set up to handle the Bank's vigilance matters.
• It introduced mechanization of the Draft Reconciliation System at 11 service branches.
• 1993:
• It proposed to set up a Securities Trading Corporation.
• An MoU was signed with Bank of India to issue the Bank's INDIACARD with Mastercard affiliation.
• Its international branch was connected to the SWIFT network.
• Also, Shresthta Ka Pramanpatra was awarded to the Bank from TOLIC, Calcutta.
• 1994: Several international divisions were opened at Nadesar Varanasi, Agra City and Kanpur.
• 1995:
• It entered an MOU with the Small Industries Development Bank of India (or SIDBI) to finance small scale industrial units.
• It had 5 International branches and 4 International divisions.
• RBI awarded the first prize for praiseworthy work in Hindi in Region 'A.'
• 1996: It set up IT Centre to offer in-depth computer training to Officers at both Calcutta and Lucknow.
• 1997:
• Also, Wipro won the first phase of the computerization contract from the Calcutta based Bank.
• It set up a committee to evolve a new formula for advancing loans for the working capital needs of businesses.
• 1998:
• It scouted for foreign tie-ups in gold trading that recently received permission from the Reserve Bank of India (or RBI).
• It entered into an arrangement, with IDBI and ICICI for funding the infrastructure projects.
• 1999:
• It launched two new schemes to increase the pace of credit offtake.
• It bagged 3 major core sector clients such as National Thermal Power Corporation (or NTPC), Indian Railway Finance Corporation Ltd (or IRFC), and Power Grid Corporation.
• The AllBank Finance Ltd, 100% subsidiary of Allahabad Bank, sought approval from the Reserve Bank of India (or RBI) for accepting the public deposits.
• 2000:
• It launched 56 boutique branches on Friday.
• Its Gariahat branch offers a 24-hour telebanking facility since 28th June.
• It tied up with Zenith Infotech to offer Internet banking.
• It introduced its voluntary retirement scheme and a sabbatical for both of its officers and employees.
• It proposed an expansion of its depository services in Calcutta by opening collection centers at 5 strategic locations in the city.
• It set up a first aid center in the Science City, located at Calcutta.
• 2001: Allahabad Bank has launched its new personal loan scheme for pensioners.
• 2002:
• It posted a 101%growth in the net profit to INR 80.21cr with a business of 34,481.
• It served notices to about 700 defaulters involving INR 100cr.
• 2003:
• It seized the commercial assets of the Guarantors of Ramolene Fabrics (P) Ltd in Mumbai.
• It signed an MoU with the Corporation Bank for the mutual sharing of its ATM Network.
• 2004:
• It slashed the prime lending rates by 50 basis points and participated in the equity of an ARC being floated from UTI.
• Both UTI Mutual Fund, as well as Allahabad Bank, declared a strategic tie-up for distribution of UTI MF schemes as of April 5, 2004.
• Both LIC and Allahabad Bank entered into a strategic tie-up to develop bancassurance. It also received an MD award from Wisitex.
• 2005:
• Its public issue was oversold 3.32 times.
• It also signed an MoU with the Mahindra Gujarat Tractor Ltd to finance the Hindustan brand tractor under a special finance scheme.
• It began 12-hr banking in 33 branches.
• 2006:
• It appointed Shri. A C Mahajan as Chairman & Managing Director (or CMD) on August 01, 2006 up to July 31, 2010.
• It merged six RRBs in UP.
• It launched the first overseas office in China.
• 2007: It informed that Government of India, Ministry of Finance, Departmental of Financial Services vide notification as of December 19, 2007 nominated Shri K K Dogra, as the Sr Manager of the Bank as an Officer Employee Director on the Board of Directors of the bank for 3 years from the notification date or till he ceases to be an officer of the bank.
• 2008: Consequently, it also declared that the Government of India, Ministry of Finance, Department of Financial Services vide notification as of June 25, 2008, appointed Shri. A C Mahajan, as the Chairman & Managing Director of the bank as the Chairman and the Managing Director of Canara Bank after taking charge after or on July 01, 2008.
• 2009:
• And, it also cut off its benchmark according to the prime lending rate by 25 basis points since July 1.
• It appointed Shri D. Sarkar as the whole-time director (designated as Executive Director) of the bank.
• 2010:
• It also set up a branch in the Union Territory of Dadra and Nagar Haveli under the bank's zonal office, Ahmedabad.
• It appointed Shri A. B. Bhattacharjee, as the General Manager (F&A) and Chief Financial Officer (CFO) of the bank.
• 2011:
• It expanded in China and entered Singapore.
• The Board recommended a Dividend of INR 6 (60%) per equity share.
• 2012:
• The Board recommended a Dividend of INR 6 (60%) per equity share.
• It appointed Smt. S. A. Panse as Chairman and the Managing Director.
• 2013: The Board recommended a Dividend of INR 6 (60%) per equity share.
• 2014: It appointed Shri Rakesh Sethi as Chairman and the Managing Director of the bank.