https://indianpedia.org/index.php?action=history&feed=atom&title=Allahabad_BankAllahabad Bank - Revision history2026-07-31T10:05:01ZRevision history for this page on the wikiMediaWiki 1.45.4https://indianpedia.org/index.php?title=Allahabad_Bank&diff=469710&oldid=prevDelphia92Y at 18:23, 11 February 20262026-02-11T18:23:57Z<p></p>
<p><b>New page</b></p><div>{{Short description|Indian bank, 1865–2020}}<br />
{{Use dmy dates|date=December 2018}}<br />
{{Use Indian English|date=January 2014}}<br />
{{Infobox company<br />
| name = Allahabad Bank<br />
| logo = Allahabad Bank Logo.svg<br />
| logo_caption = <!-- must be attributed to reliable sources --><br />
| type = [[Public company|Public]]<br />
| traded_as = {{BSE was|532480}}<br />{{NSE was|ALBK}}<br />
| founded = {{start date and age|1865|4|24|df=y}}<br />
| industry = Banking, [[Financial services]]<br />
| location_city = [[Kolkata]]<br />
| location_country = India<br />
| defunct = {{End date and age|2020|4|1|df=yes}}<br />
| fate = Merged with [[Indian Bank]]<br />
| successor = [[Indian Bank]]<br />
| num_locations_year = 2019<br />
| area_served = India<br />
| locations = 3230 branches<br />
| key_people = Ch. S. S. Mallikarjuna Rao<br />{{small|([[Managing Director|MD]] & [[Chief Executive Officer|CEO]])}}<br />
| services = {{ubl<br />
| [[Commercial bank]]<br />
| [[Finance and insurance]]<br />
| [[Retail banking]]<br />
}}<br />
| revenue = {{decrease}} {{INRConvert|18564.50|c}}<br />
| revenue_year = 2019<br />
| operating_income = {{decrease}} {{INRConvert|2767.01|c}}<br />
| income_year = 2019<br />
| net_income = {{decrease}} {{INRConvert|-8333.96|c}}{{Verify source|date=October 2021}}<br />
| net_income_year = 2019<br />
| assets = {{decrease}} {{INRConvert|248575.77|c}}<br />
| assets_year = 2019<br />
| equity = <br />
| owner = <br />
| num_employees = 23,210<br />
| num_employees_year = 2019<br />
| ratio = <br />
| homepage = {{official URL}}<br />
| footnotes = <ref name="Balance Sheet 2019">[https://www.allahabadbank.in/Internet_Site/download/alb-110518.pdf "Balance Sheet 31.03.2019"] {{Webarchive|url=https://web.archive.org/web/20180612140255/https://www.allahabadbank.in/Internet_Site/download/alb-110518.pdf |date=12 June 2018 }} (PDF)</ref><br />
}}<br />
<br />
'''Allahabad Bank''' was an Indian [[Nationalization|nationalised]] bank with its headquarters in [[Kolkata]], India.<ref>{{Cite web|title=Allahabad Bank head office IFSC Code, MICR Code, Branch Code and Full Address|url=https://www.financialexpress.com/ifsc-code/allahabad-bank/head-office-branch-in-kolkata-alla0210032/|url-status=live|archive-url=https://web.archive.org/web/20201119191057/https://www.financialexpress.com/ifsc-code/allahabad-bank/head-office-branch-in-kolkata-alla0210032/|archive-date=<br />
19 November 2020|access-date=19 November 2020|website=The Financial Express|language=en-US}}</ref> Founded in [[Allahabad]] in 1865 and nationalised by the government of India in 1969, the bank provided banking and financial services for 155 years until it was merged with [[Indian Bank]] in 2020. It was the oldest still running joint stock bank in India until its merger.{{Citation needed|date=April 2022}}<br />
<br />
{{As of|2018|3|31}}, Allahabad Bank had over 3245 branches across India.<ref name="ar">{{cite web|url=https://www.allahabadbank.in/Internet_Site/download/alb-110518.pdf|title=Welcome to the website of Allahabad Bank|access-date=8 June 2018|archive-date=12 June 2018|archive-url=https://web.archive.org/web/20180612140255/https://www.allahabadbank.in/Internet_Site/download/alb-110518.pdf|url-status=dead}}</ref> The bank did a total business of {{INR}}3.8 trillion during the FY 2017–18.<ref name=ABAR2012-13>{{cite web |url=https://www.allahabadbank.in/Internet_Site/download/alb-110518.pdf |title=Annual Report 2017-18 |publisher=Allahabad Bank |access-date=11 May 2018 |archive-date=12 June 2018 |archive-url=https://web.archive.org/web/20180612140255/https://www.allahabadbank.in/Internet_Site/download/alb-110518.pdf |url-status=dead }}</ref> The bank's market capitalisation {{As of|2018|6|alt=in June 2018}} was US$573 million and ranked #1,882 on the [[Forbes Global 2000]] list.<ref>{{cite web|url=https://www.forbes.com/companies/allahabad-bank/|title=Allahabad Bank on the Forbes Global 2000 List|date=31 May 2016|work=Forbes|access-date=11 May 2018|archive-date=12 June 2018|archive-url=https://web.archive.org/web/20180612144441/https://www.forbes.com/companies/allahabad-bank/|url-status=live}}</ref><br />
<br />
==19th century==<br />
[[File:Allahabad Bank 1989 stamp of India.jpg|thumb|left|A 1989 stamp dedicated to the 125th anniversary of Allahabad Bank]]<br />
On 24 April 1865, {{Citation needed span|text=a group of Europeans|date=October 2021}} founded Allahabad Bank in Allahabad.<ref>{{cite book|last1=Rajesh|first1=R.|url=https://books.google.com/books?id=PHCQsprFST4C&q=allahabad+bank+established&pg=PA8|title=Banking Theory: Law & Practice|last2=Sivagnanasithi|first2=T|publisher=Tata McGraw-Hill Education|year=2009|isbn=9780070091238|page=8|access-date=4 November 2014}}</ref><ref>{{Cite news|last=Narasimhan|first=T. E.|date=29 April 2020|title=Indian Bank sees new opportunities with larger footprint after merger|work=[[Business Standard India]]|url=https://www.business-standard.com/article/finance/indian-bank-see-new-opportunities-with-larger-footprint-after-merger-120042900021_1.html|access-date=30 October 2021}}</ref> By the end of the 19th century it had branches at [[Jhansi]], [[Kanpur]], [[Lucknow]], [[Bareilly]], [[Nainital]], [[Kolkata|Calcutta]], and [[Delhi]].{{Citation needed|date=October 2021}}<br />
<br />
==20th century==<br />
In the early 20th century, with the start of [[Swadeshi movement]], Allahabad Bank witnessed a spurt in deposits. In 1920, [[P&O Bank|P & O Banking Corporation]] acquired Allahabad Bank with a bid price of {{INRConvert|436}} 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.{{Citation needed|date=October 2021}}<br />
<br />
Allahabad Bank opened a branch in Rangoon ([[Yangon]]). At some point, Chartered Bank amalgamated Allahabad Bank's branch in Rangoon with its own.<ref>Turnell, Sean (2009) ''Fiery Dragons: Banks, Moneylenders and Microfinnance in Burma''. NAIS Press. p. 110. {{ISBN|9788776940409}}.</ref> In 1963 the [[Politics of Burma#Military socialist era|revolutionary government]] in Burma nationalized the Chartered Bank's operations there, which became People's Bank No. 2.<ref>Standard Chartered Bank: A Story Brought Up To Date, Standard Chartered Bank (1980) p. 45.</ref><br />
<br />
On 19 July 1969, the Indian government nationalised Allahabad Bank, along with 13 other banks.<ref>{{Cite web |title=Reserve Bank of India - Chronology of Events |url=https://www.rbi.org.in/Scripts/chro_1968.aspx |access-date=2022-04-07 |website=www.rbi.org.in |archive-date=11 December 2018 |archive-url=https://web.archive.org/web/20181211010300/https://www.rbi.org.in/scripts/chro_1968.aspx |url-status=live }}</ref><br />
<br />
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 bank]]ing subsidiary.{{Citation needed|date=October 2021}}<br />
<br />
==21st century==<br />
Its older logo, a monogram consisting of "A" and "B", was replaced by the current 'Triveni Sangam' logo circa 1997.<ref>{{Cite web|url=https://www.thebusinessquiz.com/2014/11/06/indian-banks-the-story-of-allahabad-bank/|title=The history of Allahabad Bank|date=2014-11-06|website=The Business Quiz - TBQ|language=en|access-date=2019-11-08|archive-date=8 November 2019|archive-url=https://web.archive.org/web/20191108043356/https://www.thebusinessquiz.com/2014/11/06/indian-banks-the-story-of-allahabad-bank/|url-status=live}}</ref><br />
<br />
The government's ownership of Allahabad Bank shrank in October 2002 after the bank engaged in an [[initial public offering]] (IPO) of {{INRConvert|100|m}} of shares, each with a face value of {{INR}}10. The IPO reduced the Government's shareholding to 71.16%. Then in April 2005 the bank conducted a second public offering of {{INR}}100 million shares, each again with a face value {{INR}}of 10 and selling at a premium of {{INR}}72. This offering reduced the Government's ownership to 55.23%.{{Citation needed|date=October 2021}}<br />
<br />
In June 2006, the bank opened its first office outside India when it opened a representative office in [[Shenzhen]], [[Mainland China]].<ref>{{Cite news |title=Allahabad Bank opens first overseas office in China |work=The Economic Times |url=https://economictimes.indiatimes.com/industry/banking/finance/banking/allahabad-bank-opens-first-overseas-office-in-china/articleshow/1660933.cms |access-date=2022-04-07}}</ref> In February 2007, Allahabad Bank opened its first overseas branch, in [[Hong Kong]]. In March, the bank's business crossed the {{INR}}10 million mark.{{Citation needed|date=October 2021}}<br />
<br />
On 30 August 2019, [[Minister of Finance (India)|Finance Minister]] [[Nirmala Sitharaman]] announced that Allahabad Bank would merge with [[Indian Bank]]. The merger would create the seventh largest public sector bank in the country with assets of {{INRConvert|8.08|t}}.<ref>{{cite web|date=30 August 2019|title=Bank Merger News: Government unveils mega bank mergers to revive growth from 5-year low|url=https://timesofindia.indiatimes.com/business/india-business/government-unveils-mega-bank-mergers-to-revive-growth-from-5-year-low/articleshow/70911359.cms|url-status=live|access-date=30 August 2019|website=[[The Times of India]]|archive-url=https://web.archive.org/web/20190830131147/https://timesofindia.indiatimes.com/business/india-business/government-unveils-mega-bank-mergers-to-revive-growth-from-5-year-low/articleshow/70911359.cms |archive-date=30 August 2019 }}</ref><ref>{{cite web|date=30 August 2019|title=10 public sector banks to be merged into four|url=https://www.livemint.com/news/india/pnb-obc-and-united-bank-to-be-merged-nirmala-sitharaman-1567158678718.html|url-status=live|access-date=30 August 2019|website=[[LiveMint]]|language=en|archive-url=https://web.archive.org/web/20190830122322/https://www.livemint.com/news/india/pnb-obc-and-united-bank-to-be-merged-nirmala-sitharaman-1567158678718.html |archive-date=30 August 2019 }}</ref> The Union Cabinet approved the merger on 4 March 2020.<ref>{{cite web |last1=Ghosh |first1=Shayan |title=Three banks announce merger ratios |url=https://www.livemint.com/market/stock-market-news/two-anchor-banks-pnb-union-bank-of-india-disclose-merger-ratios-11583413469591.html |website=Livemint |access-date=6 March 2020 |language=en |date=5 March 2020 |archive-date=7 March 2020 |archive-url=https://web.archive.org/web/20200307140419/https://www.livemint.com/market/stock-market-news/two-anchor-banks-pnb-union-bank-of-india-disclose-merger-ratios-11583413469591.html |url-status=live }}</ref> Indian Bank assumed control of Allahabad Bank on 1 April 2020.<ref>{{Cite news|date=29 September 2020|title=Indian Bank to merge 325 branches|language=en-IN|work=[[The Hindu]]|url=https://www.thehindu.com/business/Industry/indian-bank-to-merge-325-branches/article32726370.ece|access-date=30 October 2021|issn=0971-751X|archive-date=30 October 2021|archive-url=https://web.archive.org/web/20211030161723/https://www.thehindu.com/business/Industry/indian-bank-to-merge-325-branches/article32726370.ece|url-status=live}}</ref><br />
<br />
==Listings and shareholding==<br />
Allahabad Bank's equity shares were listed on [[Bombay Stock Exchange]] and the [[National Stock Exchange of India]].<br />
<br />
{| class="wikitable"<br />
|-<br />
! Shareholders (as on 31 March 2014)<ref name=Shareholding>{{cite web |url=https://www.allahabadbank.in/english/shareholding.aspx |title=Shareholding pattern |publisher=Allahabad Bank |access-date=26 February 2014 |archive-date=17 March 2015 |archive-url=https://web.archive.org/web/20150317101140/https://www.allahabadbank.in/english/shareholding.aspx |url-status=dead }}</ref> !! Shareholding<br />
|-<br />
| Promoter Group ([[Government of India]])||64.80%<br />
|-<br />
| Indian FIs/MFs||16.60%<br />
|-<br />
| Foreign Institutional Investors (FII)||03.20%<br />
|-<br />
| Resident Indians||08.80%<br />
|-<br />
| Others||06.60%<br />
|-<br />
| Total||100.0%<br />
|}<br />
[[File:Albho.jpg|thumb|Allahabad Bank head office in Kolkata]]<br />
<br />
==Employees==<br />
{{As of|2013|3|31}}, the bank had 22,557 employees, out of which 3,293 were women (15%).<ref name=ABAR2012-13/> Out of the total employees, 51% were officers, 30% were clerks and the remaining 19% were subordinate staff.<ref name=ABAR2012-13/> The bank recruited 1,950 employees (1,421 Officers, 390 Clerks and 139 subordinate staff) during the same financial year.<ref name=ABAR2012-13/> The company incurred {{INR}}20 billion on employee benefit expenses during the same financial year.<ref name=ABAR2012-13/> During the FY 2013–14, the business per employee was {{INR}}13.50 million and it earned a net profit of {{INR}}0.477 million per employee.<ref name=ABAR2012-13/><br />
<br />
The bank was operating in the following states/UTs.{{Citation needed|date=October 2021}}<br />
{{div col|colwidth=15em}}<br />
* Andaman And Nicobar Island<br />
* Andhra Pradesh<br />
* Arunachal Pradesh<br />
* Assam<br />
* Bihar<br />
* Chandigarh<br />
* Chhattisgarh<br />
* Delhi<br />
* Goa<br />
* Gujarat<br />
* Haryana<br />
* Himachal Pradesh<br />
* Jammu And Kashmir<br />
* Jharkhand<br />
* Karnataka<br />
* Kerala<br />
* Madhya Pradesh<br />
* Maharashtra<br />
* Manipur<br />
* Meghalaya<br />
* Nagaland<br />
* Odisha<br />
* Puducherry<br />
* Punjab<br />
* Rajasthan<br />
* Sikkim<br />
* Tamil Nadu<br />
* Telangana<br />
* Tripura<br />
* Uttar Pradesh<br />
* Uttarakhand<br />
* West Bengal<br />
{{div col end}}<br />
<br />
== Scams ==<br />
On 13 July 2019, Allahabad Bank disclosed that it detected a fraud, worth {{INRConvert|17.7482|b|0}} by [[Bhushan Power & Steel]] (BPSL).<ref>{{cite news |title=Allahabad Bank defrauded of Rs 17,775 crore by Bhushan Power & Steel |url=https://www.indiatoday.in/business/story/allahabad-bank-defrauded-of-rs-17-775-crore-by-bhushan-power-steel-1568419-2019-07-13 |publisher=[[India Today]] |date=July 13, 2019 |archive-date=14 July 2019 |access-date=18 July 2019 |archive-url=https://web.archive.org/web/20190714110112/https://www.indiatoday.in/business/story/allahabad-bank-defrauded-of-rs-17-775-crore-by-bhushan-power-steel-1568419-2019-07-13 |url-status=live }}</ref><br />
<br />
The bank also detected another fraud of {{INRConvert|6.8827|b|0}} by SEL Manufacturing Ltd., a Ludhiana-based textile company on 17 July 2019.<ref>{{cite news |title=Allahabad Bank reports Rs 688.27 crore fraud |url=https://www.indiatoday.in/business/story/allahabad-bank-reports-rs-688-27-crore-fraud-1570644-2019-07-18 |publisher=[[India Today]] |date=July 18, 2019 |archive-date=18 July 2019 |access-date=18 July 2019 |archive-url=https://web.archive.org/web/20190718120929/https://www.indiatoday.in/business/story/allahabad-bank-reports-rs-688-27-crore-fraud-1570644-2019-07-18 |url-status=live }}</ref><ref>{{cite news |title=Allahabad Bank reports about ₹688 crore fraud by SEL Manufacturing |url=https://www.livemint.com/industry/banking/allahabad-bank-reports-about-rs-688-crore-fraud-by-sel-manufacturing-1563417859745.html |publisher=[[Livemint]] |date=July 18, 2019 |archive-date=20 July 2019 |access-date=18 July 2019 |archive-url=https://web.archive.org/web/20190720130639/https://www.livemint.com/industry/banking/allahabad-bank-reports-about-rs-688-crore-fraud-by-sel-manufacturing-1563417859745.html |url-status=live }}</ref><br />
<br />
==See also==<br />
{{Portal|Companies|Banks|India}}<br />
*[[List of banks in India]]<br />
*[[Chartered Bank of India, Australia and China]]<br />
<br />
==References==<br />
{{reflist}}<br />
<br />
==External links==<br />
{{Commons category|Allahabad Bank}}<br />
* [http://www.allahabadbank.in Official website] {{Webarchive|url=https://web.archive.org/web/20190527185553/http://www.allahabadbank.in/ |date=27 May 2019 }}<br />
<br />
{{Banking in India}}<br />
<br />
[[Category:Defunct banks of India]]<br />
[[Category:Indian companies established in 1865]]<br />
[[Category:Banks established in 1865]]<br />
[[Category:Banks disestablished in 2020]]<br />
[[Category:Companies nationalised by the Government of India]]<br />
[[Category:Banks based in Kolkata]]<br />
[[Category:Indian companies disestablished in 2020]]<br />
[[Category:Economic history of Uttar Pradesh]]<br />
[[Category:Companies formerly listed on the National Stock Exchange of India]]<br />
[[Category:Companies formerly listed on the Bombay Stock Exchange]]</div>Delphia92Y