Allahabad Bank: Difference between revisions

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{{Short description|India national bank}}
{{Short description|Indian bank, 1865–2020}}
{{Use dmy dates|date=December 2018}}
{{Use dmy dates|date=December 2018}}
{{Use Indian English|date=January 2014}}{{Infobox company
{{Use Indian English|date=January 2014}}
{{Infobox company
| name = Allahabad Bank
| name = Allahabad Bank
| logo = Allahabad Bank Logo.svg
| logo = Allahabad Bank Logo.svg
| logo_caption = ''A Tradition of Trust''
| logo_caption = <!-- must be attributed to reliable sources -->
| type = [[Subsidiary]] of [[Indian Bank]]
| type = [[Public company|Public]]
| traded_as = {{BSE|532814}}<br/>{{NSE|INDIANB}}
| traded_as = {{BSE was|532480}}<br />{{NSE was|ALBK}}
| founded = {{start date and age|1865|4|24|df=y}} in [[Allahabad]], [[North-Western Provinces]], [[British India]]
| founded = {{start date and age|1865|4|24|df=y}}
| industry = Banking, [[Financial services]]
| industry = Banking, [[Financial services]]
| location_city = [[Kolkata]], [[West Bengal]]
| location_city = [[Kolkata]]
| location_country = India
| location_country = India
| fate =  
| defunct = {{End date and age|2020|4|1|df=yes}}
| fate = Merged with [[Indian Bank]]
| successor = [[Indian Bank]]
| successor = [[Indian Bank]]
| num_locations_year = 2019
| area_served = India
| area_served = India
| locations = 3230 branches
| locations = 3230 branches
| key_people = CH. S. S. Mallikarjuna Rao <br> {{small|([[Managing Director|MD]] & [[Chief Executive Officer|CEO]])}}
| key_people = Ch. S. S. Mallikarjuna Rao<br />{{small|([[Managing Director|MD]] & [[Chief Executive Officer|CEO]])}}
| services = {{ubl|[[Finance and insurance]]|[[Retail banking|Consumer banking]]|[[Commercial bank|Corporate banking]]}}
| services = {{ubl
| revenue = {{decrease}} {{INRConvert|18564.50|c}}(2019)<ref name="Balance Sheet 2019">[https://www.allahabadbank.in/Internet_Site/download/alb-110518.pdf "Balance Sheet 31.03.2019"].</ref>
| [[Commercial bank]]
| operating_income = {{decrease}}{{INRConvert|2767.01|c}}(2019)<ref name="Balance Sheet 2019"/>
| [[Finance and insurance]]
| net_income = {{decrease}}{{INRConvert|-8333.96|c}}(2019)<ref name="Balance Sheet 2019"/>
| [[Retail banking]]
| assets = {{decrease}}{{INRConvert|248575.77|c}}(2019)<ref name="Balance Sheet 2019"/>
}}
| revenue = {{decrease}} {{INRConvert|18564.50|c}}
| revenue_year = 2019
| operating_income = {{decrease}} {{INRConvert|2767.01|c}}
| income_year = 2019
| net_income = {{decrease}} {{INRConvert|-8333.96|c}}{{Verify source|date=October 2021}}
| net_income_year = 2019
| assets = {{decrease}} {{INRConvert|248575.77|c}}
| assets_year = 2019
| equity =  
| equity =  
| owner = [[Indian Bank]] (100%)
| owner =  
| num_employees = 23,210 (March 2019) <ref name="Balance Sheet 2019"/>
| num_employees = 23,210
| num_employees_year = 2019
| ratio =  
| ratio =  
| homepage = {{URL|allahabadbank.in}}
| homepage = {{official URL}}
| 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>
}}
}}


'''Allahabad Bank''' was founded in [[Allahabad]] in 1865,<ref>{{cite book |first1=R. |last1=Rajesh |first2=T|last2=Sivagnanasithi|title=Banking Theory: Law & Practice |url=https://books.google.com/books?id=PHCQsprFST4C&q=allahabad+bank+established&pg=PA8 |publisher=Tata McGraw-Hill Education |page=8 |isbn= 9780070091238|access-date=4 November 2014 |year=2009 }}</ref> and is a fully owned [[subsidiary]] of [[Indian 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=2020-11-19|access-date=2020-11-19|website=The Financial Express|language=en-US}}</ref> India. On 24 April 2014, the bank entered into its 150th year of establishment. Until its merger with the [[Indian Bank]] in 2020, ''Allahabad'' was the oldest joint stock bank in India.
'''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=
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}}


As of 31 March 2018, 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}}</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}}</ref>
{{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>
 
The bank's market capitalisation in June 2018 was US$573 million and it 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}}</ref> On 30 August 2019, the Finance Minister [[Nirmala Sitharaman]] announced merger of Allahabad Bank with [[Indian Bank]].


==19th century==
==19th century==
[[File:Allahabad Bank 1989 stamp of India.jpg|thumb|left|A 1989 stamp dedicated to the 125th anniversary of Allahabad Bank]]
[[File:Allahabad Bank 1989 stamp of India.jpg|thumb|left|A 1989 stamp dedicated to the 125th anniversary of Allahabad Bank]]
On 24 April 1865, a group of Europeans founded Allahabad Bank in Allahabad. By the end of the 19th century it had branches at [[Jhansi]], [[Kanpur]], [[Lucknow]], [[Bareilly]], [[Nainital]], [[Kolkata|Calcutta]], and [[Delhi]].
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}}


==20th century==
==20th century==
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.
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}}


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>
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>


On 19 July 1969, the Indian Government nationalised Allahabad Bank, along with 13 other banks.
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>


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.
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}}


==21st century==
==21st century==
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}}</ref>
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>


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 {{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&nbsp; million of shares, each with a face value {{INR}} 10 and selling at a premium of {{INR}} 72. This offering reduced the Government's ownership to 55.23%.
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}}


In June 2006 the bank opened its first office outside India when it opened a representative office in [[Shenzen]], [[Mainland China]]. 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.
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}}


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|lc}}.<ref>{{cite web |url=https://timesofindia.indiatimes.com/business/india-business/government-unveils-mega-bank-mergers-to-revive-growth-from-5-year-low/articleshow/70911359.cms |access-date=30 August 2019|title=Bank Merger News: Government unveils mega bank mergers to revive growth from 5-year low &#124; India Business News - Times of India}}</ref><ref>{{cite web |author=Staff Writer |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 |website=Mint |access-date=30 August 2019 |language=en |date=30 August 2019}}</ref> The Union Cabinet approved the merger on 4 March 2020. Indian Bank assumed control of Allahabad Bank on 1 April 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}}</ref>
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>


==Listings and shareholding==
==Listings and shareholding==
Allahabad Bank's equity shares are listed on [[Bombay Stock Exchange]] and the [[National Stock Exchange of India]].
Allahabad Bank's equity shares were listed on [[Bombay Stock Exchange]] and the [[National Stock Exchange of India]].


{| class="wikitable"
{| class="wikitable"
|-
|-
! 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}}</ref> !! Shareholding
! 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
|-
|-
| Promoter Group ([[Government of India]])||64.80%
| Promoter Group ([[Government of India]])||64.80%
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| Total||100.0%
| Total||100.0%
|}
|}
[[File:Albho.jpg|thumb|Allahabad Bank Head Office at Kolkata]]
[[File:Albho.jpg|thumb|Allahabad Bank head office in Kolkata]]


==Employees==
==Employees==
As on 31 March 2013, 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 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/><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/>
Employee productivity: During the FY 2013–14, the business per employee was INR 13.50 [[crore]]s and it earned a net profit of INR 4.77 [[lakh]]s per employee.<ref name=ABAR2012-13/>


The bank was operating in the following States/UTs
The bank was operating in the following states/UTs.{{Citation needed|date=October 2021}}
{{div col|colwidth=15em}}
{{div col|colwidth=15em}}
* Andaman And Nicobar Island
* Andaman And Nicobar Island
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== Scams ==
== Scams ==
On July 13, 2019, Allahabad Bank disclosed that it detected a fraud, worth {{INRConvert|1774.82|c|0}} by [[Bhushan Power & Steel]] Ltd (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}}</ref>
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>


The bank also detected another fraud of {{INRConvert|688.27|c|0}} by SEL Manufacturing Ltd., a Ludhiana-based textile company on July 17, 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}}</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}}</ref>
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>


==See also==
==See also==
 
{{Portal|Companies|Banks|India}}
*[[List of banks]]
*[[List of banks (alphabetical)]]
*[[List of banks in India]]
*[[List of banks in India]]
*[[Banking in India]]
*[[Chartered Bank of India, Australia and China]]
*[[Chartered Bank of India, Australia and China]]


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==External links==
==External links==
{{Commons category|Allahabad Bank}}
{{Commons category|Allahabad Bank}}
* [http://www.allahabadbank.in  Official website]
* [http://www.allahabadbank.in  Official website] {{Webarchive|url=https://web.archive.org/web/20190527185553/http://www.allahabadbank.in/ |date=27 May 2019 }}
* [https://www.allbankonline.in/ Internet Banking Portal]


{{Banking in India}}
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[[Category:Banks established in 1865]]
[[Category:Banks established in 1865]]
[[Category:Banks disestablished in 2020]]
[[Category:Banks disestablished in 2020]]
[[Category:Companies formerly listed on the Bombay Stock Exchange]]
[[Category:Companies nationalised by the Government of India]]
[[Category:Companies nationalised by the Government of India]]
[[Category:Banks based in Kolkata]]
[[Category:Banks based in Kolkata]]
[[Category:Indian companies disestablished in 2020]]
[[Category:Indian companies disestablished in 2020]]
[[Category:Economic history of Uttar Pradesh]]
[[Category:Economic history of Uttar Pradesh]]
[[Category:Companies listed on the National Stock Exchange of India]]
[[Category:Companies formerly listed on the National Stock Exchange of India]]
[[Category:Companies listed on the Bombay Stock Exchange]]
[[Category:Companies formerly listed on the Bombay Stock Exchange]]

Latest revision as of 23:53, 11 February 2026


Allahabad Bank
Traded asTemplate:BSE was
Template:NSE was
IndustryBanking, Financial services
FateMerged with Indian Bank
SuccessorIndian Bank
Founded24 April 1865; 161 years ago (1865-04-24)
Defunct1 April 2020; 6 years ago (2020-04-01)
Headquarters
Kolkata
,
India
Number of locations
3230 branches (2019)
Area served
India
Key people
Ch. S. S. Mallikarjuna Rao
(MD & CEO)
Services
RevenueDecrease ₹18,564.50 crore (US$2.6 billion) (2019)
Decrease ₹2,767.01 crore (US$390 million) (2019)
Decrease ₹−8,333.96 crore (US$−1.2 billion)[verification needed] (2019)
Total assetsDecrease ₹248,575.77 crore (US$35 billion) (2019)
Number of employees
23,210 (2019)
Website{{URL|example.com|optional display text}}
Footnotes / references
[1]

Allahabad Bank was an Indian nationalised bank with its headquarters in Kolkata, India.[2] 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]

As of 31 March 2018, Allahabad Bank had over 3245 branches across India.[3] The bank did a total business of ₹3.8 trillion during the FY 2017–18.[4] The bank's market capitalisation in June 2018 was US$573 million and ranked #1,882 on the Forbes Global 2000 list.[5]

19th century[edit | edit source]

A 1989 stamp dedicated to the 125th anniversary of Allahabad Bank

On 24 April 1865, a group of Europeans[citation needed] founded Allahabad Bank in Allahabad.[6][7] By the end of the 19th century it had branches at Jhansi, Kanpur, Lucknow, Bareilly, Nainital, Calcutta, and Delhi.[citation needed]

20th century[edit | edit source]

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 ₹436 (US$6.10) 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]

Allahabad Bank opened a branch in Rangoon (Yangon). At some point, Chartered Bank amalgamated Allahabad Bank's branch in Rangoon with its own.[8] In 1963 the revolutionary government in Burma nationalized the Chartered Bank's operations there, which became People's Bank No. 2.[9]

On 19 July 1969, the Indian government nationalised Allahabad Bank, along with 13 other banks.[10]

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.[citation needed]

21st century[edit | edit source]

Its older logo, a monogram consisting of "A" and "B", was replaced by the current 'Triveni Sangam' logo circa 1997.[11]

The government's ownership of Allahabad Bank shrank in October 2002 after the bank engaged in an initial public offering (IPO) of ₹100 million (US$1.4 million) of shares, each with a face value of ₹10. The IPO reduced the Government's shareholding to 71.16%. Then in April 2005 the bank conducted a second public offering of ₹100 million shares, each again with a face value ₹of 10 and selling at a premium of ₹72. This offering reduced the Government's ownership to 55.23%.[citation needed]

In June 2006, the bank opened its first office outside India when it opened a representative office in Shenzhen, Mainland China.[12] In February 2007, Allahabad Bank opened its first overseas branch, in Hong Kong. In March, the bank's business crossed the ₹10 million mark.[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 ₹8.08 trillion (US$110 billion).[13][14] The Union Cabinet approved the merger on 4 March 2020.[15] Indian Bank assumed control of Allahabad Bank on 1 April 2020.[16]

Listings and shareholding[edit | edit source]

Allahabad Bank's equity shares were listed on Bombay Stock Exchange and the National Stock Exchange of India.

Shareholders (as on 31 March 2014)[17] 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%
Allahabad Bank head office in Kolkata

Employees[edit | edit source]

As of 31 March 2013, the bank had 22,557 employees, out of which 3,293 were women (15%).[4] Out of the total employees, 51% were officers, 30% were clerks and the remaining 19% were subordinate staff.[4] The bank recruited 1,950 employees (1,421 Officers, 390 Clerks and 139 subordinate staff) during the same financial year.[4] The company incurred ₹20 billion on employee benefit expenses during the same financial year.[4] During the FY 2013–14, the business per employee was ₹13.50 million and it earned a net profit of ₹0.477 million per employee.[4]

The bank was operating in the following states/UTs.[citation needed]

  • 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[edit | edit source]

On 13 July 2019, Allahabad Bank disclosed that it detected a fraud, worth ₹17.7482 billion (US$249 million) by Bhushan Power & Steel (BPSL).[18]

The bank also detected another fraud of ₹6.8827 billion (US$96 million) by SEL Manufacturing Ltd., a Ludhiana-based textile company on 17 July 2019.[19][20]

See also[edit | edit source]

References[edit | edit source]

  1. ↑ "Balance Sheet 31.03.2019" Archived 12 June 2018 at the Wayback Machine (PDF)
  2. ↑ "Allahabad Bank head office IFSC Code, MICR Code, Branch Code and Full Address". The Financial Express. Archived from the original on 19 November 2020. Retrieved 19 November 2020.
  3. ↑ "Welcome to the website of Allahabad Bank" (PDF). Archived from the original (PDF) on 12 June 2018. Retrieved 8 June 2018.
  4. ↑ 4.0 4.1 4.2 4.3 4.4 4.5 "Annual Report 2017-18" (PDF). Allahabad Bank. Archived from the original (PDF) on 12 June 2018. Retrieved 11 May 2018.
  5. ↑ "Allahabad Bank on the Forbes Global 2000 List". Forbes. 31 May 2016. Archived from the original on 12 June 2018. Retrieved 11 May 2018.
  6. ↑ Rajesh, R.; Sivagnanasithi, T (2009). Banking Theory: Law & Practice. Tata McGraw-Hill Education. p. 8. ISBN 9780070091238. Retrieved 4 November 2014.
  7. ↑ Narasimhan, T. E. (29 April 2020). "Indian Bank sees new opportunities with larger footprint after merger". Business Standard India. Retrieved 30 October 2021.
  8. ↑ Turnell, Sean (2009) Fiery Dragons: Banks, Moneylenders and Microfinnance in Burma. NAIS Press. p. 110. ISBN 9788776940409.
  9. ↑ Standard Chartered Bank: A Story Brought Up To Date, Standard Chartered Bank (1980) p. 45.
  10. ↑ "Reserve Bank of India - Chronology of Events". www.rbi.org.in. Archived from the original on 11 December 2018. Retrieved 7 April 2022.
  11. ↑ "The history of Allahabad Bank". The Business Quiz - TBQ. 6 November 2014. Archived from the original on 8 November 2019. Retrieved 8 November 2019.
  12. ↑ "Allahabad Bank opens first overseas office in China". The Economic Times. Retrieved 7 April 2022.
  13. ↑ "Bank Merger News: Government unveils mega bank mergers to revive growth from 5-year low". The Times of India. 30 August 2019. Archived from the original on 30 August 2019. Retrieved 30 August 2019.
  14. ↑ "10 public sector banks to be merged into four". LiveMint. 30 August 2019. Archived from the original on 30 August 2019. Retrieved 30 August 2019.
  15. ↑ Ghosh, Shayan (5 March 2020). "Three banks announce merger ratios". Livemint. Archived from the original on 7 March 2020. Retrieved 6 March 2020.
  16. ↑ "Indian Bank to merge 325 branches". The Hindu. 29 September 2020. ISSN 0971-751X. Archived from the original on 30 October 2021. Retrieved 30 October 2021.
  17. ↑ "Shareholding pattern". Allahabad Bank. Archived from the original on 17 March 2015. Retrieved 26 February 2014.
  18. ↑ "Allahabad Bank defrauded of Rs 17,775 crore by Bhushan Power & Steel". India Today. 13 July 2019. Archived from the original on 14 July 2019. Retrieved 18 July 2019.
  19. ↑ "Allahabad Bank reports Rs 688.27 crore fraud". India Today. 18 July 2019. Archived from the original on 18 July 2019. Retrieved 18 July 2019.
  20. ↑ "Allahabad Bank reports about ₹688 crore fraud by SEL Manufacturing". Livemint. 18 July 2019. Archived from the original on 20 July 2019. Retrieved 18 July 2019.

External links[edit | edit source]

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