History
Allahabad Bank is a nationalized bank in India. It has its headquarters in the beautiful city of Kolkata, India. It is one of the oldest cooperative stock banks in India. On the 24th day of April month in the year 2014, the bank celebrated its 150th year of formation. The bank was instituted in Allahabad in the year 1865. Shri T.R Chawla is the eldest most Executive Director of the nationalized bank. Shri Rakesh Sethi is the freshly selected Chairman and the Managing Director of the national bank.As of 31st of March month in the year 2012, it had more than 2,500 subdivisions across the Indian country. The bank ensured a total business of Indian rupees 3.1 trillion throughout the financial year 2012 - 2013. The national bank has a foreign branch in the city of Hong Kong, Japan and a representative bureau in Shenzen. The national bank's market capitalization in the month of May in the year 2013 was US$ 1.28 billion and it was ranked #1466 on the list of Forbes Global 2000.
On the 24th day of April month in the year 1865, a set of Englishmen at Allahabad established the Allahabad Bank. By the end of the 19th century it had expanded it branches at various cities like Jhansi, Kanpur, Bareilly, Nainital, Lucknow, Calcutta, and Delhi. In the initial years of the 20th century, during the start of the great Swadeshi movement, Allahabad Bank perceived a shot in credits.
In the year 1920, P & O Banking Corporation acclaimed the Allahabad Bank with a tender price of Rs.436 per share. In the year 1923 the bank relocated its head office and also the registered office to the city of Calcutta for aims of both operational suitability and business openings. Then in the year 1927 the Chartered Bank of India, Australia and China attained the P&O Bank. Though, Chartered Bank sustained to control Allahabad Bank as a separate unit. Allahabad Bank then opened a branch in the then city of Rangoon now called as Myanmar.. Ata certain point the Chartered Bank merged Allahabad Bank's branch in Rangoon with its own. In the year 1963 the radical administration in Burma nationalized the Central Bank of India's procedures there, which became the People's No.2 Bank. On 19th day of July month in the year 1969, the Indian Government nationalized the Allahabad Bank, along with 13 other profitable banks in the country at that time. In the month of October in the year 1989, Allahabad Bank attained the United Industrial Bank, a Calcutta based bank that had been well-known since the year 1940. Later after two years, Allahabad National Bank established the All Bank Finance Ltd, which was an exclusively owned Business Banking subsidiary.
The government's proprietorship of the Allahabad Bank shriveled in the month of October in the year 2002 after the national bank got involved in an Initial Public Offering shortly referred as IPO of Rs100 million ( nearly US$1.7 million) of shares, all with a face value of Rs. 10 each. The IPO condensed the Government's shareholding in the market to 71.16%. Then in the month of April in the year 2005 the bank directed a second public offering of Rs100 millions of shares, all with a face value of Rs10 each and retailing at a premium of Rs. 72. This contribution condensed the Government's proprietorship to 55.23%.
In the month of June in the year 2006 the bank established its first main office outside India when it established a representative office in the Shenzen, Mainland China. In the month February in the year 2007, Allahabad Bank established its first ever overseas branch, in the city of Hong Kong. In the month of March the same year, the bank's commercial crossed the Rs.10 millions mark.
As on 31st day of March month in the year 2013, the bank had nearly 22,557 employees working in its organization, out of which 3,293 were women which accounts to nearly 15% of the total employees. Out of the overall employees, 51% of the employees were officers, 30% of the employees were clerks and the remaining 19% of the employees were minor staff. The bank hired 1,950 employees out of which 1,421 were officers, 390 were clerks and 139 were minor staff, in the same financial year. The company experienced Rs. 20 billion on worker benefit costs in the same financial year. Employee productivity during the financial year of 2013 - 2014, the corporate per employee was Rs13.50 crores and it made a net profit of Rs4.77 lakhs per employee.