About
Allahabad Bank's headquarter was in Kolkata and was founded on 1865. It was a public sector nationalised bank. The bank merged with Indian Bank in 2019. Till March 2018, the bank operated a healthy network 3245 domestic banking branches across India.
Listing and Revenue
| Revenue | ₹18,564 crore |
| Operating Income | ₹2,767crore |
| Net Income | ₹-8,333 crore |
| Total Assets | ₹248,575 crore |
Products and Services
Allahabad Bank offered plethora of products and services to its customers to deliver an ideal Personalized Banking Environment.
Some of its worth noting services included Personal Loan, Home Loan, Credit Card, Business Loan, Savings Account, Fixed Deposits, Loan Against Property, Education Loan, and others.
History
Allahabad Bank was founded in Allahabad by a group of Europeans on 24 April 1865. In late 19th century, the bank expanded its reach to major north Indian cities including Lucknow, Jhansi, Kanpur, Nainital, Delhi, and Calcutta in the eastern part of India.
The bank was nationalised on July 1969 by the Indian Government along with other 13 major banks.
Acquisition
In October 1989, Allahabad Bank acquired full stake in United Industrial Bank to strengthen its presence in West Bengal. It was a Calcutta-based bank, established in 1940 and had 145 branches.
Awards and Recognitions
Allahabad Bank was conferred with the second prize by the Ministry of Rural Development. It was recognised for offering self-employment opportunities to the rural people of the country through its robust 21 established Rural Self Employment Training Institutes (RSETIs).
The prize was conferred in the financial year 2013-14.
Subsidiaries
In 1991, Allahabad Bank opened AllBank Finance Ltd. It was a wholly owned Merchant Banking subsidiary of the bank.