Allahabad Bank

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Allahabad Bank
Traded asBSE532480
IndustryBanking, Financial services
Founded24 April 1865; 154 years ago (1865-04-24)
in Allahabad
Number of locations
3,503 branches (Mar-2018)[1]
Key people
S. S. Mallikarjuna Rao
(MD & CEO)[2]
RevenueIncrease 19,051 crore (US$2.7 billion)(2018)[3]
Decrease3,438 crore (US$480 million)(2018)[3]
Decrease-4,674 crore (US$−660 million)(2018)[3]
Total assetsIncrease236,460.23 crore (US$33 billion) (2016)[3]
Number of employees
  • Increase23,210 (2019)[4]
  • 23,771 (March 2016)[5]
Capital ratio8.69%[6]

Allahabad Bank is a nationalised bank with its headquarters in Kolkata, India. It is the oldest joint stock bank in India. On 24 April 2014, the bank entered into its 150th year of establishment. The bank was founded in Allahabad in 1865.[7]

As of 31 March 2018, Allahabad Bank had over 3245 branches across India.[1] The bank did a total business of INR 3.8 trillion during the FY 2017-18.[8]

The bank's market capitalisation in June 2018 was US$573 million and it ranked #1,882 on the Forbes Global 2000 list.[9] On 30 August 2019, the Finance Minister Nirmala Sitharaman announced merger of Allahabad Bank with Indian Bank.

19th century[edit]

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, Calcutta, and Delhi.

20th century[edit]

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.

Allahabad Bank opened a branch in Rangoon (Yangon). At some point, Chartered Bank amalgamated Allahabad Bank's branch in Rangoon with its own.[10] In 1963 the revolutionary government in Burma nationalized the Chartered Bank's operations there, which became People's Bank No. 2.[11]

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

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.

21st century[edit]

Its older logo, a monogram consisting of "A" and "B", was replaced by the current 'Triveni sangam' logo circa 1997.[12]

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 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 of shares, each with a face value 10 and selling at a premium of 72. This offering reduced the Government's ownership to 55.23%.

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 10 million mark.

On 30 August 2019, Finance Minister Nirmala Sitharaman announced that Allahabad Bank would be merged with Indian Bank. The proposed merger would create the seventh largest public sector bank in the country with assets of 8.08 lakh crore (US$110 billion).[13][14]

Listings and shareholding[edit]

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

Shareholders (as on 31 March 2014)[15] 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 at Kolkata


As on 31 March 2013, the bank had 22,557 employees, out of which 3,293 were women (15%).[8] Out of the total employees, 51% were officers, 30% were clerks and remaining 19% were subordinate staff.[8] The bank recruited 1,950 employees (1,421 Officers, 390 Clerks and 139 subordinate staff) during the same financial year.[8] The company incurred INR 20 billion on employee benefit expenses during the same financial year.[8]
Employee productivity: During the FY 2013–14, the business per employee was INR 13.50 crores and it earned a net profit of INR 4.77 lakhs per employee.[8]

The bank is now operating in the following States/UTs

  • 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


On July 13, 2019, Allahabad Bank disclosed that it detected a fraud, worth 1,774.82 crore (US$249 million) by Bhushan Power & Steel Ltd (BPSL).[16]

The bank also detected another fraud of 688.27 crore (US$96 million) by SEL Manufacturing Ltd., a Ludhiana-based textile company on July 17, 2019.[17][18]

See also[edit]


  1. ^ a b "Welcome to the website of Allahabad Bank" (PDF).
  2. ^ "Mr.Rao takes over as CEO of Allahabad Bank". Retrieved 16 December 2018.
  3. ^ a b c d Annual Report 2015-16. Retrieved on 26 December 2018.
  4. ^
  5. ^ "Allahabad Bank" (PDF). Retrieved 3 April 2018.
  6. ^ "Allahabad Bank" (PDF). Retrieved 3 April 2018.
  7. ^ Rajesh, R.; Sivagnanasithi, T (2009). Banking Theory: Law & Practice. Tata McGraw-Hill Education. p. 8. ISBN 9780070091238. Retrieved 4 November 2014.
  8. ^ a b c d e f "Annual Report 2017-18" (PDF). Allahabad Bank. Retrieved 11 May 2018.
  9. ^ "Allahabad Bank on the Forbes Global 2000 List". Forbes. 31 May 2016. Retrieved 11 May 2018.
  10. ^ Turnell, Sean (2009) Fiery Dragons: Banks, Moneylenders and Microfinnance in Burma. NAIS Press. p. 110. ISBN 9788776940409.
  11. ^ Standard Chartered Bank: A Story Brought Up To Date, Standard Chartered Bank (1980) p. 45.
  12. ^ "The history of Allahabad Bank". The Business Quiz - TBQ. 6 November 2014. Retrieved 8 November 2019.
  13. ^ Retrieved 30 August 2019. Missing or empty |title= (help)
  14. ^ Writer, Staff (30 August 2019). "10 public sector banks to be merged into four". Mint. Retrieved 30 August 2019.
  15. ^ "Shareholding pattern". Allahabad Bank. Retrieved 26 February 2014.
  16. ^ "Allahabad Bank defrauded of Rs 17,775 crore by Bhushan Power & Steel". India Today. 13 July 2019.
  17. ^ "Allahabad Bank reports Rs 688.27 crore fraud". India Today. 18 July 2019.
  18. ^ "Allahabad Bank reports about ₹688 crore fraud by SEL Manufacturing". Livemint. 18 July 2019.

External links[edit]