Allahabad Bank was an Indian nationalised bank with its headquarters in Kolkata, India.[1] 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.Template:Citation needed
Template:As of, Allahabad Bank had over 3245 branches across India.[2] The bank did a total business of Template:INR3.8 trillion during the FY 2017–18.[3] The bank's market capitalisation Template:As of was US$573 million and ranked #1,882 on the Forbes Global 2000 list.[4]
19th century
On 24 April 1865, Template:Citation needed span founded Allahabad Bank in Allahabad.[5][6] By the end of the 19th century it had branches at Jhansi, Kanpur, Lucknow, Bareilly, Nainital, Calcutta, and Delhi.Template:Citation needed
20th century
In the early 20th century, with the start of Swadeshi movement, Allahabad Bank witnessed a spurt in deposits. In 1920, P & O Banking Corporation acquired Allahabad Bank with a bid price of Template:INRConvert 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.Template:Citation needed
Allahabad Bank opened a branch in Rangoon (Yangon). At some point, Chartered Bank amalgamated Allahabad Bank's branch in Rangoon with its own.[7] In 1963 the revolutionary government in Burma nationalized the Chartered Bank's operations there, which became People's Bank No. 2.[8]
On 19 July 1969, the Indian government nationalised Allahabad Bank, along with 13 other banks.[9]
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 banking subsidiary.Template:Citation needed
21st century
Its older logo, a monogram consisting of "A" and "B", was replaced by the current 'Triveni Sangam' logo circa 1997.[10]
The government's ownership of Allahabad Bank shrank in October 2002 after the bank engaged in an initial public offering (IPO) of Template:INRConvert of shares, each with a face value of Template:INR10. The IPO reduced the Government's shareholding to 71.16%. Then in April 2005 the bank conducted a second public offering of Template:INR100 million shares, each again with a face value Template:INRof 10 and selling at a premium of Template:INR72. This offering reduced the Government's ownership to 55.23%.Template:Citation needed
In June 2006, the bank opened its first office outside India when it opened a representative office in Shenzhen, Mainland China.[11] In February 2007, Allahabad Bank opened its first overseas branch, in Hong Kong. In March, the bank's business crossed the Template:INR10 million mark.Template:Citation needed
On 30 August 2019, 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 Template:INRConvert.[12][13] The Union Cabinet approved the merger on 4 March 2020.[14] Indian Bank assumed control of Allahabad Bank on 1 April 2020.[15]
Listings and shareholding
Allahabad Bank's equity shares were listed on Bombay Stock Exchange and the National Stock Exchange of India.
| Shareholders (as on 31 March 2014)[16] | Shareholding |
|---|---|
| Promoter Group (Government of India) | 64.80% |
| Indian FIs/MFs | 16.60% |
| Foreign Institutional Investors (FII) | 03.20% |
| Resident Indians | 08.80% |
| Others | 06.60% |
| Total | 100.0% |
Employees
Template:As of, the bank had 22,557 employees, out of which 3,293 were women (15%).[3] Out of the total employees, 51% were officers, 30% were clerks and the remaining 19% were subordinate staff.[3] The bank recruited 1,950 employees (1,421 Officers, 390 Clerks and 139 subordinate staff) during the same financial year.[3] The company incurred Template:INR20 billion on employee benefit expenses during the same financial year.[3] During the FY 2013–14, the business per employee was Template:INR13.50 million and it earned a net profit of Template:INR0.477 million per employee.[3]
The bank was operating in the following states/UTs.Template:Citation needed Template:Div col
- Andaman And Nicobar Island
- Andhra Pradesh
- Arunachal Pradesh
- Assam
- Bihar
- Chandigarh
- Chhattisgarh
- Delhi
- Goa
- Gujarat
- Haryana
- Himachal Pradesh
- Jammu And Kashmir
- Jharkhand
- Karnataka
- Kerala
- Madhya Pradesh
- Maharashtra
- Manipur
- Meghalaya
- Nagaland
- Odisha
- Puducherry
- Punjab
- Rajasthan
- Sikkim
- Tamil Nadu
- Telangana
- Tripura
- Uttar Pradesh
- Uttarakhand
- West Bengal
Scams
On 13 July 2019, Allahabad Bank disclosed that it detected a fraud, worth Template:INRConvert by Bhushan Power & Steel (BPSL).[17]
The bank also detected another fraud of Template:INRConvert by SEL Manufacturing Ltd., a Ludhiana-based textile company on 17 July 2019.[18][19]
See also
References
- ↑ Allahabad Bank head office IFSC Code, MICR Code, Branch Code and Full Address. The Financial Express. Retrieved 19 November 2020.
- ↑ Welcome to the website of Allahabad Bank. Retrieved 8 June 2018.
- ↑ 3.0 3.1 3.2 3.3 3.4 3.5 Annual Report 2017-18. Allahabad Bank. Retrieved 11 May 2018.
- ↑ Allahabad Bank on the Forbes Global 2000 List(31 May 2016). Retrieved 11 May 2018.
- ↑ Banking Theory: Law & Practice{{#if:|, {{{last}}}}. Tata McGraw-Hill Education(2009). ISBN 9780070091238
- ↑ Indian Bank sees new opportunities with larger footprint after merger. Business Standard India(29 April 2020). Retrieved 30 October 2021.
- ↑ Turnell, Sean (2009) Fiery Dragons: Banks, Moneylenders and Microfinnance in Burma. NAIS Press. p. 110. Template:ISBN.
- ↑ Standard Chartered Bank: A Story Brought Up To Date, Standard Chartered Bank (1980) p. 45.
- ↑ Reserve Bank of India - Chronology of Events. www.rbi.org.in. Retrieved 2022-04-07.
- ↑ The history of Allahabad Bank. The Business Quiz - TBQ(2014-11-06). Retrieved 2019-11-08.
- ↑ Allahabad Bank opens first overseas office in China. The Economic Times. Retrieved 2022-04-07.
- ↑ Bank Merger News: Government unveils mega bank mergers to revive growth from 5-year low. The Times of India(30 August 2019). Retrieved 30 August 2019.
- ↑ 10 public sector banks to be merged into four. LiveMint(30 August 2019). Retrieved 30 August 2019.
- ↑ Three banks announce merger ratios. Livemint(5 March 2020). Retrieved 6 March 2020.
- ↑ Indian Bank to merge 325 branches. The Hindu(29 September 2020). Retrieved 30 October 2021.
- ↑ Allahabad Bank defrauded of Rs 17,775 crore by Bhushan Power & Steel(July 13, 2019). Retrieved 18 July 2019.
- ↑ Allahabad Bank reports Rs 688.27 crore fraud(July 18, 2019). Retrieved 18 July 2019.
- ↑ Allahabad Bank reports about ₹688 crore fraud by SEL Manufacturing(July 18, 2019). Retrieved 18 July 2019.