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.
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.