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. Allahabad Bank has pan India presence of 3245 branches. Out of 3245 domestic branches 1207 are at Rural 764 at Semi-urban 648 at Urban and 626 in Metropolitan Centres. The bank has 1105 ATMs/CDs as on 31 March 2018. The bank is having one overseas branch with a dealing room at Hong Kong. The bank also has a centralized fully equipped forex dealing room at Integrated Treasury Branch Mumbai which handles forex transactions in 9 currencies and maintains 12 Nostro accounts and 1 Vostro account. Allahabad Bank is a corporate agent of Life Insurance Corporation of India and Ms. Universal Sompo General Insurance Company Limited. The bank distributes the Mutual Fund schemes of 6 AMCs i.e. Reliance Nippon AMC Principal PNB AMC Kotak Mutual Fund AMC UTI MF AMC Franklin Templeton AMC and Essel (formerly known as Peerless) AMC through its branches.The bank provides Depository services to the customers of the bank. It is a Depository participant of NSDL & CDSL. The bank provides broking facility to its demat customers in association with Ms. Aditya Birla Money Limited.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.During the financial year ended 31 March 2017 Allahabad Bank initiated various measures to arrest fresh slippage. To improve asset quality the bank initiated consistent recovery drive. The bank also formulated two new one time settlement (OTS) schemes for small NPA accounts which resulted in accelerated settlement of Farm Sector/ Unsecured small borrowal accounts. Further compromise/negotiated settlement through Rin Mukti Shivir and one-to-one meeting with borrowers was adopted as another vital tool to tackle NPAs. However recovery in big borrowal accounts above Rs 1 crore remained a constraint for the bank for obvious reasons. For follow-up monitoring and recovery in these accounts online module PARTH (Portal for Asset Resolution through Hot chase) was introduced which was very useful in assuring resolution in this segment.During the year under review the bank started monitoring of daily recovery with Zones/ FGMOs to improve penetration in NPA accounts. The Bank organized 33 Recovery Camps in the previous year involving all the branches which was very successful in terms of recovery that amounted to Rs 3157.26 crore. Services of Recovery Agencies and Banking Correspondents were properly utilized for marketing of One Time Settlement Schemes (OTS). The bank participated in National Lok Adalat actively and settled 15154 cases having outstanding of Rs 148.30 crore.E-auctions of charged immovable & movable securities were carried out through-out the year. Special thrust was given in taking physical possession of immovable properties either with the help of Enforcement Agencies or by moving application before the concerned DM/CMM taking advantage of amended SARFAESI Act. This step had resulted into increase in the percentage of properties under physical possession of the bank which leading to auction of properties. Initiatives for identifying Wilful Defaulters were undertaken in terms of guidelines of Reserve Bank of India. On completion of due diligence exercise identified borrowers were declared as Wilful Defaulter by the bank and the number of Wilful Defaulter increased to 101 a three-fold jump from March 2016 figure of only 32.During FY17 Allahabad Bank launched upgraded version of its Mobile App which enables customer do transactions with ease. The bank has also introduced the facility to register for Mobile Banking through its network of ATMs. During FY17 a new department New Business Initiative was opened for strategic business development. During FY17 Allahabad Bank opened a total of 40 new branches out of which 12 are at Rural 14 at Semi Urban 7 each at Urban and Metro centers. The rural branches include opening of 7 branches in unbanked rural centres. Further 2 Metro and 1 each in Urban and semi-urban branches have been merged to consolidate the business of close by located centres.During FY17 Allahabad Bank participated in four tranches of Sovereign Gold Bond Scheme launched by Govt. of India aiming to reduce the holding of the yellow metal and also to reduce import of Gold. During FY17 the bank participated in Income Declaration Scheme 2016 and Pradhan Mantri Garib Kalyan Deposit Schme (PMGKDS). During the year ended 31 March 2018 Allahabad Bank initiated various measures to arrest fresh slippage. To improve asset quality the bank initiated consistent recovery drive and recovered Rs 3379.08 crore out of which Cash Recovery was Rs. 2071.86 crore with a growth of 28.58 % due to concerted efforts daily monitoring and account specific resolution plan. The bank also made suitable amendments in existing OTS schemes by increasing the cut off limit from Rs 10 lakh to Rs 15 lakh in OTS module for other NPA a/cs in Thumb Rule module as in existing module for Farm Sector. This resulted in accelerated settlement of unsecured small borrowal accounts. Further compromise negotiated settlement through Rin Mukti Shivir and one-to-one meeting with borrowers was adopted as another vital tool to tackle NPAs. However recovery in big borrowal accounts above Rs 1 crore remained a constraint for the bank for obvious reasons.During the year under review Allahabad Bank introduced War Room with dedicated executives (Two Asstt. General Managers and One Chief manager) at Head Office level for close monitoring of due process in NPA accounts having outstanding balance of Rs 50 lakh and above. The bank organized 12 Recovery Camps in the previous year (one camp in each month) involving all the branches. This step was very successful in terms of recovery that amounted to Rs 3564.55 crore. The bank participated in National Lok Adalat actively and settled 26950 cases having outstanding of Rs 314.56 crore. E-auctions of charged immovable & movable securities were carried out through-out the year.The bank updated its Internet Banking Services during FY18. The Internet Banking Customers of the bank reached 12.8 lacs as on 31 March 2018. During FY18 upgraded version of the Mobile App was introduced enabling the customers to do transactions with more ease. The bank opened 3 new branches during FY18 out of which 1 is at Rural and 2 at Semi Urban centers. Further 2 Metro and 1 semi-urban branches have been merged to consolidate the business of closely located centres.During FY18 Allahabad Bank participated in 3 series (14 tranches) of Sovereign Gold Bond Scheme launched by Govt. of India aiming to reduce the holding of the yellow metal and also to reduce import of Gold. Owing to high non-performing assets (NPA) and negative Return on Assets (RoA) for two consecutive years Allahabad Bank was brought under Prompt Corrective Action (PCA) framework by RBI on 2 January 2018AllBank Finance Ltd. a wholly owned subsidiary of Allahabad Bank engaged in Corporate Advisory Services Project Appraisal Issue Management Loan Syndication Debenture Trusteeship and Underwriting was merged with the bank with effect from 14 March.2018.