Allahabad Bank seeks Rs 1,000 cr capital infusion

Leading state-run lender Allahabad Bank today sought Rs 1,000 crore from the government for capital infusion.

"We have asked for Rs 1,000 crore from the government. Since the government holding is at 55.23 per cent, there is no further scope for equity dilution," Allahabad Bank Chairman and Managing Director J P Dua told shareholders at the eighth AGM here today.

Dua said the bank also has headroom to raise Rs 2,612 crore as tier I and tier II capital. The bank, he said, is aiming to grow in all verticals in which it is doing business.

On overseas expansion, he said the bank has sought RBI permission to start a full-fledged office in Dhaka. Plans are also afoot to open a branch in Shenzhen in China, Dua said. At present, the bank has only one overseas branch in Hong Kong.

On hiring, Dua said during this fiscal the bank will recruit 2,000. It had hired 2,000 last year.