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Allahabad Bank.

BSE: 532480 Sector: Financials
NSE: ALBK ISIN Code: INE428A01015
BSE LIVE 11:43 | 09 Dec 69.50 1.60
(2.36%)
OPEN

68.50

HIGH

69.80

LOW

67.80

NSE LIVE 11:43 | 09 Dec 69.55 1.80
(2.66%)
OPEN

68.10

HIGH

69.80

LOW

67.70

OPEN 68.50
PREVIOUS CLOSE 67.90
VOLUME 119901
52-Week high 88.25
52-Week low 39.50
P/E
Mkt Cap.(Rs cr) 5168.65
Buy Price 69.50
Buy Qty 51.00
Sell Price 69.60
Sell Qty 495.00
OPEN 68.50
CLOSE 67.90
VOLUME 119901
52-Week high 88.25
52-Week low 39.50
P/E
Mkt Cap.(Rs cr) 5168.65
Buy Price 69.50
Buy Qty 51.00
Sell Price 69.60
Sell Qty 495.00

Allahabad Bank. (ALBK) - Company History

The Oldest Joint Stock Bank of the Country Allahabad Bank was founded in April 24th of the year 1865 at the confluence city of Allahabad by a group of Europeans. At that occasion Organized Industry Trade and Banking started taking shape in India. Thus the History of the Bank spread over three Centuries - namely Nineteenth Twentieth and Twenty-First. As a leading public sector commercial banks in India Allahabad Bank offering banking products and services to corporate and commercial customers and retail customers. The Bank particularly focuses on the retail banking while serving all sectors of the Indian economy. Bank's operations for corporate and commercial customers cater to large corporate customers as well as to small and middle market businesses and Government entities. Corporate and commercial products include Term Loans Bill Discounting Export Credit and other business credit and financing products. Also the bank offers a wide range of retail products including Home Loans Personal Loans and Automobile Loans as well as Debit Cards. In addition specialised products and services to the agricultural sector also one of entity of the bank. All the above products and services of the bank offered through extensive branch network extension counters ATMs phone banking and the Internet. In Twentieth Century The Bank became a part of P & O Banking Corporation's group with a bid price of Rs.436 per share in 1920. The Head Office of the Bank was shifted to Calcutta on business considerations during the year of 1923. The Bank crossed its century year in 1965. In July 19th of the year 1969 Allahabad Bank was nationalized (with 151Branches - Rs.119 crores of Deposits and Rs.82 crores of Advances) along with 13 other banks. United Industrial Bank Ltd was merged with the bank in October of the year1989. The Bank made a foray into merchant banking activity in 1984 and subsequently instituted AllBank Finance Ltd as a wholly owned subsidiary for Merchant Banking in the year of 1991. The Official Language Implementation Committee of Calcutta awarded the Rajbhasha Shield to the Bank as Second Prize for its best performance for the year 1991. During the year 1995 The Bank had entered into an MOU with the Small Industries Development Bank of India (SIDBI) for financing small-scale industrial units. In 1996 The Bank had set up Information Technology Centre to provide in-depth computer training to Officers at Calcutta and Lucknow. Consequent to the SEBI Rules and Regulation the company surrendered its merchant banking registration in 1998 and got it registered as a Non Banking Financial Company (NBFC) with Reserve Bank of India (RBI). In the same year of 1998 the bank had received permission from the RBI for gold trading. Allahabad Bank has entered into an arrangement informally though with IDBI and ICICI in regard to funding of infrastructure projects. During the year 1999 Allahabad Bank has launched two new schemes to increase the pace of credit off take and in the same period TATA Consultancy Services (TCS) has entered into a contract with Bank for implementing the Integrated Standard Banking System (ISBS) a branch mechanisation package at 60 branches. The Bank bagged three major core sector clients namely the National Thermal Power Corporation (NTPC) Power Grid Corporation and Indian Railway Finance Corporation Ltd (IRFC). In Twenty-First Century Allahabad Bank has launched its new personal loan scheme for pensioners in the year of 2001. As at October of the year 2002 the bank came out with Initial Public Offer (IPO) of 10 crores share of face value Rs.10 each reducing Government shareholding to 71.16% and in the same year 2002 Allahabad has tied up with National Institute of Banking Management Crisil and Earnst & Young for development of HRM risk Management and general business strategy. The Bank signed a Memorandum of Understanding (MoU) in the year 2003 with Corporation Bank for mutual sharing of their ATM Network. The Bank has entered into an MOU in the year of 2004 with the Export Credit Guarantee Corporation of India (ECGC) for distribution of their products to the exporters. UTI Mutual Fund and Allahabad Bank on April 5 2004 announced a strategic tie-up for distribution of UTI MF schemes. During April of the year 2005 the bank made Follow on Public Offer (FPO) of 10 crores equity shares of face value Rs.10 each with a premium of Rs.72 reducing Government shareholding to 55.23%. The Bank has signed MoU with Mahindra Gujarat Tractor Ltd in the identical year 2005 for financing Hindustan brand tractor under special finance scheme. Allahabad Bank transcended beyond the National Boundary Allahabad bank had opened a representative office at Shenzen China in June 2006. In October of the same year 2006 the bank rolled out its first branch under Core Banking Services (CBS). During February of the year 2007 The Bank opened its first overseas branch at Hong Kong. During the calendar year of 2007 100 more branches opened throughout the country the total number of branches were stirred from 2042 to 2142 of which rural are 983 (46%) semi-urban 402 (19%) urban 450 (21%) and metropolitan 307 (14%). Allahabad Bank has opened its 2154th branch in at Pudukkottai Tamil Nadu during March of the year 2008. One of the premier nationalised banks of the country Allahabad Bank has commenced the process of implementing the Agricultural Debt Waiver and Debt Relief Scheme-2008 in June of the year 2008. During the year 2010-11 the Bank has brought all its branches and offices under Core Banking Solution(CBS) ambit. The notable developments in the area of technology adoption include launching of internet banking SMS banking e-banking implementation of Real Time Gross Settlement / National Electronic Fund Transfer (RTGS/NEFT) On-line Tax Accounting System (OLTAS) etc. Bank's Internet Website is now available in 3 languages i.e. Hindi English and Bengali. The Bank entered into Tie-Up arrangement with Unique Identification Authority of India Ltd with a view to allot Unique Identification Number to Customers of the Bank nation-wide. During the year 2011-12 Bank has entered into a strategic alliance with M/S Aditya Birla Money Ltd for providing online-trading facility to the Demat customers of the Bank. Bank has signed a MOU with M/S American Express Banking Corporation for issuance of Program Cards i.e. Charge/Credit Cards to the customers of the Bank. It has also signed MOU with ICRA Limited for Credit Rating of Micro & Small Enterprises.During the year 2012-13 the Bank launched the following three products: 1. RuPay the branded domestic ATM card 2. Prepaid Gift Card a non-reloadable prepaid card for providing gift to one's near and dear ones on any occasion 3. IMPS (Inter Bank Mobile Payment System) an electronic fund transfer service through mobile phones. The Bank has also launched Allahabad Bank VISA international Gold Debit - cum ATM card and Allahabad Bank VISA International Platinum Debit- cum ATM Card. During the year 2013-14 On the occasion of the 149th Foundation Day on 24.04.2013 the Bank launched a new product - the RuPay Debit Card.In 2014-15 Two new products viz. All Bank Credit Loyalty Benefit Scheme and All Bank New Saral Loan Scheme have been launched to boost the retail credit portfolio. The Bank has also signed a Memorandum of Understanding (MoU) with Bharat Sanchar Nigam Limited (BSNL) for extending Retail Loans to the employees of BSNL at concessional rates in six different schemes.In 2015-16 the Bank has launched RuPay Platinum Debit Card (International) with higher limits of withdrawals at ATMs (Rs. 1.00 lac per day) PoS and e-commerce site (RS. 2.00 lac per day). Accidental insurance coverage of Rs. 2.00 lac is also provided by NPCI in this card. The Bank has tied up with Travel aggregator `GoIbibo' for providing cash discounts at the time of booking train & flight tickets and hotel bookings by the customers of the Bank in their portal and with M/s NSDL e-Governance Infrastructure Ltd. for providing the Will preparation services wherein the customers of the Bank can get their `Will' prepared online.The Bank has improved its performance and established its visibility and strong presence in the market. The Bank is steadily moving at a faster pace to consolidate its position in the coming days introducing extensive computerization to ensure the state-of-the-art service comfort for its customers. Bank's plan is to expand in areas where the Bank's presence is not very much visible now and where business potentiality is good.

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