The Allahabad Bank is the most erstwhile joint stock bank of India. A few of the Europeans who resided in Allahabad, established the Allahabad Bank on April 24 of the 1865 year. Around this time, Indian trade industry was in the process of fast development and banking was progressing every second in India. The bank from the past two centuries has been contributing in the development of the Indian banking industry. In the 1920's, the Allahabad Bank was incorporated in the P&O Banking Corporation group on a bid cost of INR 436 for each share. In the year of 1923, the Allahabad Bank’s head office was shifted to Kolkata as for the business requirements. On July 19 of 1969, the Allahabad Bank was a part of the 14 nationalized banks. The bank at the same time enjoyed 151 branches, 119 crores of deposits and 82 crores of advances.
In the October month of 1989, the United Industrial Bank Ltd. unified with the Allahabad Bank and two years later, in 1991, the Instituted AllBank Finance Ltd. became Allahabad Bank’s 100% owned subsidiary for services in merchant banking. In October of 2002, the Allahabad Bank presented an IPO or Initial Public Offer of Rs.10 crores for a face value of Rs.10 for each share. The government shareholding until this time had been reduced to 71.16% percent. Following this, in April 2005, FPO or Follow on Public Offer of 10 crores of equity shares that had face value of Rs.10 along with Rs.72 of premium further led to reduced 55.23% government shareholding. In the June month of 2006 year, the Allahabad Bank crossed the national boundaries by opening one of its representative offices at Shenzen in China.
The first branch of the CBS was first rolled out by the Allahabad Bank in October 2006 and in February 2007, the Allahabad Bank succeeded in opening its first international branch in Hong Kong. In March of 2007, the Allahabad Bank crossed business over Rs.1, 00,000 crores. Presently, its 2402 branches are operational all through the Indian subcontinent. The Allahabad Bank functions its internet banking via EBankWorks Team of TCS.
There are various stupendous products like Deposit Products, Retail Credit Products and Other Credit Products that are offered by the Allahabad Bank. The other services offered by the Allahabad Bank include Cash Management Services, Depository Services, Visa Debit Cum ATM Card services, Online Payments and many more. The interest rates with Deposit Schemes, Credit Schemes and Service Charges & Fees are extremely beneficial for its clients. The options for international banking are like Deposit Accounts, Remittance Facility, Tax Benefits, Loan facilities, NRI Branches, Export Finance etc. There are various other services that are served by the Allahabad Bank and are the reasons for its popularity amongst people.