Allahabad Bank was founded in 1865 by a group of Europeans and began its operations in the same year. It has its headquarters in Kolkata and has a total of 2165 branches all over the world.
The bank has one chairman who also acts as its Managing Director who is known as K R Kamath. The bank has a well established internet banking system that is run by E Bank Works Team of TCS.
The bank is the oldest joint stock bank in India. The bank was purchased by PO Bank during 1920. Later in 1923 Allahabad Bank moved its headquarters to Calcutta.
Allahabad Bank was acquired and amalgamated by Chartered bank of India, China and Australia. However, immediately after its amalgamation in 1927, the bank was operated as a separate entity in India. On 19th July, 1969 the bank was nationalized by the government of India.
Later in 1989, the bank successfully acquired United Industrial Bank and in 2002, it managed to incorporate an Initial Public Offer that helped reduce the shareholding level of the Government of India by about 71.6 %. Allahabad Bank held another Initial Public Offer that managed to reduce the level of government shareholding by another 15%.
Allahabad Bank has a representative office that is located at Shenzen, China. The office was opened in June, 2006 and has since become the first office of the bank.
The other branch that it has is located in Hong Kong. The bank is guided by various policies including Clean Note Policy, Compensation Policy and Cheque Collection Policy.
It has also well formulated codes including the Fair Practices Code. The bank has 12 hours banking zonal offices and offers various retail credit products. It also offers housing, education and car loans to its customers. In addition to these loans, the bank offers rent loans, gold loan schemes and all bank mobile systems.
Allahabad Bank offers cash management services, visa debit and ATM services, gold card schemes for exporters, regional MSME care centers, service charges.
Some of the basic features of the schemes offered by the bank include tax benefits, loan facilities to clients who are not residents of India, export finance to corporate organizations and individuals who are involved in the banking industry.
The nationalized bank India has been authorized by the government of India to deal in sale of property, IIBI Tenders, forex trading, trading of shares and deposit schemes.