History of Allahabad Bank
YEAR EVENTS 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 and O Banking Corporation took over the bank by acquiring its shares.
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 Patras]. It has launched the credit card 'India Card - Allahabad Bank'.
1992 - During the year the country faced its economic challenges Boldly & emerged with creditable achievements despite the following constraints.
- Longer maturity Treasury Bills [364 dayss] 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 business.
- The Bank has been designated as one of banks to handle India Development Bonds Scheme under which the Bank mobilised subscriptions of Rs. 14.85 crore.
- The Bank 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 technology.
- A dedicated communication line was set up between the mainframe computer & the Central Accounts Department to accelerate data-transfer & 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 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 & 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 Official Language Implementation Committee of Calcutta for year 1991. Rajbhasha Shields were awarded to Patna, Kanpur & Lucknow Zones & Hyderabad Regional Office.
- 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 INDIACARD with Mastercard affiliation.
- The Bank implemented the new scheme of 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 network.
- 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 & Kanpur.
1995 - The Bank has entered into an MOU with the Small Industries Development Bank of India [SIDBIs] 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 & 4 International Divisions.
- The Bank organised 123 Hindi Workshops at different training centres & 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 Banks' Sports Board, IBA, held in Calcutta in February 1995, in which 10 banks pariticipated.
1996 - The Bank set up Information Technology Centre to provide indepth computer training to Officers at Calcutta & Lucknow.
- The Bank emerged as the runners-up in the 7th Inter-Bank Football Tournament [Eastern Regions], sponsored by 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 demand.
- Wipro the Indian computer giant, is set to win the first phase of computerisation contract from the Calcutta based Allahabad Bank.
- The Calcutta based Allahabad Bank has decided to close down all its 11 zonal offices & relocate some of its regional offices as part of 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 [RBIs] for setting up a housing finance subsidiary, is reviewing its decision to do so in the light of 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 businesses.
- 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 capital adequacy ratio [CARs] 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 [RBIs].
- The Allahabad Bank has become one of first banks in the country to draw up a credit management policy following the dismantling of Reserve Bank of India-prescribed Maximum Permissible Bank Finance [MPBFs] norms.
- Allahabad Bank has entered into an arrangement, informally though, with IDBI & 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 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 balance part of deposits.
- The bank is installing 14 automated teller machines [ATMss] in eight cities throughout India, the Rs.1.20 crore contract for which has been awarded to Siemens Nixdorf Information Systems Ltd.
- The Allahabad Bank launched the Allahabad Bank Green Card for farmers to enable adequate & 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 [TCSs] has entered into a contract with Allahabad Bank for implementing the Integrated Standard Banking System [ISBSs], a branch mechanisation package, at 60 branches of bank.
- The city-based Allahabad Bank has bagged three major core sector clients - National Thermal Power Corporation [NTPCs], Power Grid Corporation & Indian Railway Finance Corporation Ltd [IRFCs].
- AllBank Finance Ltd the 100-per cent subsidiary of Allahabad Bank, will seek the approval from the Reserve Bank of India [RBIs] 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 approval, was recently formulated by the bank business promotion committee [BPCs].
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 & software to network 250 of its branches including regional & 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 & flexifix deposit schemes et al.
- Calcutta-based Allahabad Bank has developed three new products - collect & pay services, guaranteed credit services & direct deposit services.
- The Bank has installed an automatic teller machine at its Vashi branch under the shared payment network of Indian Banks' Association.
- Allahabad Bank 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 banking.
- Allahabad Bank has launched Allnet - the bank internet banking service at its industrial finance branch in Mumbai.
- Allahabad Bank as introduced its voluntary retirement scheme & a sabbatical for its officers & 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.
2002
-Allahabad has tied up with National Institute of Banking Management, Crisil & Earnst and Young for development of HRM, risk Management & 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 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 securitisation & reconstruction of Financial Assets & Enforcement of security ordinance.
-Bank serves notices to 700 defaulters involving Rs.100cr
2003
-Allahabad Bank has seized the commercial assets of Gurantors of Ramolene Fabrics [Ps] Ltd in Mumbai.
-The rural banking department of Allahabad Bank has provided loans to farmers of 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 & wire-offs.
-Dr.B Sama, Chairman & MD of bank has retired at the close of business on date due to its superannuation interms of GOI.
-Mr. Onkar Nath singh has assumed charge of Chairman & Managing Director of 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 Divisions].
2004
-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 & 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 & until further Orders. Consequently, Sri Surinder Kumar has ceased to be a Director of Bank.
-Allahabad Bank has informed that it has entered into an MOU with the Export Credit Guarantee Corporation of India [ECGCs] for distribution of their products to the exporters.
-UTI Mutual Fund & 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 & Allahabad Bank enter into a strategic tie up to develop bancassurance
-Allahabad Bank MD gets award from Wisitex
2005
- Allahabad Bank sets the price band for 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 & Rs 82 being the cap price. Accordingly bid lot has been decided at 75 shares & 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 Bank through the book building process opened for bidding on April 06, 2005 & closed on April 12, 2005. The price band fixed for same was Rs.75 to Rs.82. Based on the response to the follow-on Public Issue & after consultation with the Book Running Lead Managers, the Bank has fixed the Issue Price at Rs. 82/- per Equity Share for purpose of allotment of equity shares in the said follow-on Public Issue of Bank.
-Allahabad Bank signs memorandum of understanding with Mahindra Gujarat Tractor Ltd for financing Hindustan brand tractor under special finance scheme
2006
-Allahabad Bank appointed Shri. A C Mahajan as Chairman and Managing Director [CMDs] on August 01, 2006 upto July 31, 2010
- Allahabad Bank has informed that Sri S. L. Jain, Chief Manager will act as Comp. Secretary of Bank w.e.f November 01, 2006 in place of Sri Peter Barua, Comp. Secretary who will retire from Bank Service on date.
2007
- 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 Bank as Officer Employee Director on the Board of Directors of Bank for a period of three years from the date of notification or till he ceases to be an officer of Bank or until further orders, whichever is the earliest.
2008
-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 and Managing Director of Bank as Chairman and 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 powers conferred by clause [as] of sub-section [3s] of section 9 of Banking Companies [Acquisition & Transfer of Undertakingss] Act, 1970 / 1980, read with sub-clause [1s] of clause [3s] & sub clause 8 of Nationalized Banks [Management & Miscellaneous Provisionss] Scheme, 1970 / 1980, the Central Government, in consultation with Reserve Bank of India hereby appoints Shri. K R Kamath as Chairman and Managing Director, Allahabad Bank for a period of five years on & from August 02, 2008 or until further orders whichever is earlier.
