Allahabad Bank

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Allahabad Bank
Traded as BSE532480,
Industry Banking, Financial services
Founded 24 April 1865; 153 years ago (1865-04-24)
in Allahabad
Headquarters Kolkata, India
Number of locations
3,245 branches (Mar-2018)[1]
Key people
Usha Ananthasubramanian (CEO & MD);[2]
Revenue Decrease 18,884.94 crore (US$2.8 billion)(2016)[3]
Decrease4,134 crore (US$620 million)(2016)[3]
Decrease-719.84 crore (US$−110 million)(2016)[3]
Total assets Increase236,460.23 crore (US$35 billion) (2016)[3]
Number of employees
23,771 (March 2016)[4]
Capital ratio 11.61%[5]

Allahabad Bank is a nationalised bank with its headquarters in Kolkata, India. It is the oldest joint stock bank in India. On 24 April 2014, the bank entered into its 150th year of establishment. It was founded in Allahabad in 1865.[6]

As of 31 March 2018, Allahabad Bank had over 3245 branches across India.[1] The bank did a total business of INR 3.8 trillion during the FY 2017-18.[7] The bank has a branch in Hong Kong and a representative office in Shenzen.

The bank's market capitalisation in June 2018 was US$573 million and it ranked #1,882 on the Forbes Global 2000 list.[8]

History of Allahabad Bank

19th century[edit]

On 24 April 1865, a group of Indians at Allahabad founded Allahabad Bank. By the end of the 19th century it had branches at Jhansi, Kanpur, Lucknow, Bareilly, Nainital, Calcutta, and Delhi.

20th century[edit]

In the early 20th century, with the start of Swadeshi movement, Allahabad Bank witnessed a spurt in deposits. In 1920, P & O Banking Corporation acquired Allahabad Bank with a bid price of 436 (US$6.50) per share. In 1923 the bank moved its head office and the registered office to Calcutta for reasons of both operational convenience and business opportunities. Then in 1927 Chartered Bank of India, Australia and China (Chartered Bank) acquired P&O Bank. However, Chartered Bank continued to operate Allahabad Bank as a separate entity.

Allahabad Bank opened a branch in Rangoon (Yangon). At some point Chartered Bank amalgamated Allahabad Bank's branch in Rangoon with its own.[9] In 1963 the revolutionary government in Burma nationalized the Chartered Bank's operations there, which became People's Bank No. 2.[10]

On 19 July 1969, the Indian Government nationalised Allahabad Bank, together with 13 other banks.

In October 1989, Allahabad Bank acquired United Industrial Bank, a Calcutta-based bank that had been established in 1940 and that brought with it 145 branches. Two years later, Allahabad Bank established AllBank Finance Ltd, a wholly owned Merchant Banking subsidiary.

21st century[edit]

The government's ownership of Allahabad Bank shrank in October 2002 after the bank engaged in an Initial Public Offering (IPO) of 100 million (US$1.5 million) of shares, each with a face value 10. The IPO reduced the Government's shareholding to 71.16%. Then in April 2005 the bank conducted a second public offering of 100 million of shares, each with a face value 10 and selling at a premium of 72. This offering reduced the Government's ownership to 55.23%.

In June 2006 the bank opened its first office outside India when it opened a representative office in Shenzen, Mainland China. In February 2007, Allahabad Bank opened its first overseas branch, in Hong Kong. In March, the bank's business crossed the 10 million million

Listings and shareholding[edit]

Allahabad Bank's equity shares are listed on Bombay Stock Exchange and the National Stock Exchange of India.

Shareholders (as on 31-Mar-2014)[11] Shareholding
Promoter Group (Government of India) 55.23%
Indian FIs/MFs 17.74%
Foreign Institutional Investors (FII) 08.74%
Resident Indians 16.37%
Others 01.92%
Total 100.0%
Allahabad Bank Head Office at Kolkata


As on 31 March 2013, the bank had 22,557 employees, out of which 3,293 were women (15%).[7] Out of the total employees, 51% were officers, 30% were clerks and remaining 19% were subordinate staff.[7] The bank recruited 1,950 employees (1,421 Officers, 390 Clerks and 139 subordinate staff) during the same financial year.[7] The company incurred INR 20 billion on employee benefit expenses during the same financial year.[7]
Employee productivity: During the FY 2013-14, the business per employee was INR 13.50 crores and it earned a net profit of INR 4.77 lakhs per employee.[7]

The bank is now operating in the following States/UTs

  • Andaman And Nicobar Island
  • Andhra Pradesh
  • Arunachal Pradesh
  • Assam
  • Bihar
  • Chandigarh
  • Chhattisgarh
  • Delhi
  • Goa
  • Gujarat
  • Haryana
  • Himachal Pradesh
  • Jammu And Kashmir
  • Jharkhand
  • Karnataka
  • Kerala
  • Madhya Pradesh
  • Maharashtra
  • Manipur
  • Meghalaya
  • Nagaland
  • Odisha
  • Puducherry
  • Punjab
  • Rajasthan
  • Sikkim
  • Tamil Nadu
  • Telangana
  • Tripura
  • Uttar Pradesh
  • Uttarakhand
  • West Bengal

New Initiatives[edit]

  • The Bank has launched a Unique Savings Product for Women, AllBank Shakti Sep 2017.
  • The Bank has introduced a New Product, AllBank Cash Option, which is an instant overdraft facility against FD/DDP through Internet banking.
  • A Three-C approach has been adopted by our bank for driving Financial Inclusion in Mission Mode. Three “Cs” relate to Capacity Building & Competence for Bank Mitra Channel, Compliance & National Priority and Cost Benefit approach for delivering Basic Banking Services through Bank Mitra Channel.
  • Bank has started a Web Portal for Digital Training for staff members.
  • Bank has recruited 412 Fresh Probationary Officers during the half year(2017).

See also[edit]

Citations and references[edit]

  1. ^ a b "Welcome to the website of Allahabad Bank" (PDF). 
  2. ^ "Rakesh Sethi takes over as new CMD of Allahabad Bank". timesofindia-economictimes. 
  3. ^ a b c d
  4. ^ "Allahabad Bank" (PDF). Retrieved 3 April 2018. 
  5. ^ "Allahabad Bank" (PDF). Retrieved 3 April 2018. 
  6. ^ Rajesh, R.; Sivagnanasithi, T. Banking Theory: Law & Practice. Tata McGraw-Hill Education. p. 8. Retrieved Nov 4, 2014. 
  7. ^ a b c d e f "Annual Report 2017-18" (PDF). Allahabad Bank. Retrieved 11 May 2018. 
  8. ^ "Allahabad Bank on the Forbes Global 2000 List". Forbes. 31 May 2016. Retrieved 11 May 2018. 
  9. ^ Turnell (2009), p. 110.
  10. ^ Standard Chartered Bank: A Story Brought Up To Date, Standard Chartered Bank (1980)p. 45.
  11. ^ "Shareholding pattern". Allahabad Bank. Retrieved 26 February 2014. 
  • Turnell, Sean (2009) Fiery Dragons: Banks, Moneylenders and Microfinnance in Burma. (NAIS Press). ISBN 9788776940409

External links[edit]