Providing banking products and services, Allahabad bank has been recognized as the nation's one of the eminent banks, offering banking products and services. It is operating in four segments: Treasury Operations, Corporate/Wholesale Banking, Retail Banking, and Other Banking Business. The company is currently offering several deposit products along with with the current bank and savings bank accounts, fixed deposit, double deposit plans, Flexi fixed deposit etc. Also, the company provides loans against national savings certificates along with personal loans for doctors.
Besides that, different loan services such as education loans, car loans, home loans, commercial vehicles and home appliances finance schemes, property loans, trade loans, reverse mortgage loans etc. Allahabad bank is providing agriculture and small business loans along with government-sponsored projects and gold card facility. International banking services, too, is provided by the bank. With 3245 domestic branches all over India and 1105 ATMs/CD's the company is possessing an international office at Hong Kong. The company was founded in 1865, and its headquartered at Kolkata.
Allahabad Bank, after its inception in 1865, emerged as a part of P & O Banking Corporations group in 1920 with a bid price of Rs.436 each share. In 1923, the bank's head office was shifted to Calcutta, but the bank's name remained the same. The bank started its remarkable journeys after crossing its century in 1965. The bank was nationalized in the year of 1969 with 151 branches throughout the nation along with Rs.119 crore of deposits. In October 1989, the bank merged with United Industrial Bank Ltd. The bank initiated merchant banking in 1984. In 1991, the bank founded All Bank finance Limited as a subsidiary of merchant banking. For the best performance in 1991, the bank was awarded Rajbhasha Shield by Official Language Implementation Committee of Calcutta.
The bank started to finance small-scale industrial units when it signed an MOU with Small Industries Development Bank of India (SIDBI). As the SEBI Rules and Regulations developed, the company had surrendered its registration of merchant banking in 1998 and Reserve Bank of India registered it as Non-Banking Financial Company (NBFC). RBI gave the gold trading permission n to the bank in the same year. The company went for a contract with Tata Consultancy Services (TCS) to implement the Integrated Standard Banking System in the year of 1999. At the end of the twentieth century, the company had achieved the success of securing the three major powerful clients viz. National Thermal Power Corporation (NTPC), Power Grid Corporation and Indian Railway Finance Corporation Ltd. (IRFC).
Launching a personal loan scheme for the pensioners was the first innovation the bank introduced in the twenty-first century in 2001. With ten crores share of Rs.10 face value, the bank came out with Initial Public Offer (IPO) on October 2002. In the same year, the bank tied up with the National Institute of Banking Management for the betterment and evolution in HRM, Risk Management and business strategies.
In 2003, the bank signed an MOU with Corporation Bank to jointly operate their ATM network. Again it signed an MOU in 2004 with Export Credit Guarantee Corporation of India (ECGC) for the distribution purpose. Allahabad Bank went for a strategic tie with the UTI Mutual Fund in April 2004. The company drastically reduced the government's shareholding to 55.23% as it made Follow on Public Offer (FPO) of 10 crores equity shares of face value Rs.10 and premium of Rs.72. Again it signed an MOU in the same year with Mahindra Gujrat Tractor Ltd.
In June 2006 the bank inaugurated its representative office at Shenzen, China. In the same year, the bank introduced its first branch with Core Banking Services (CBS). The bank opened 100 more branches all over India, which increased the number of branches from 2042 to 2142. In 2007 the bank introduced its office at Hong Kong. The bank implemented Agricultural Debt Waiver and Debt Relief Scheme-2008 in 2008. In FY 2010-11 the bank brought all its branches under CBS system. The bank tied up with M/S Aditya Birla to serve the Demat customers. The bank introduced RuPay as a domestic ATM card, Prepaid Gift card and Inter-Bank Mobile Payment System in the FY 2012-13. During 2014-15, the bank introduced all Bank Credit Loyalty Benefit Scheme and All Bank New Saral Loan Scheme.
How Allahabad Bank, is categorised as Banks Sector, and Finance Industry :
The Financial Industry is a section that leads the world in terms of equity market capitalization and earnings. The companies that are in the economic enterprise focus mainly on managing money, as their revenue is generated mostly by the sectors from mortgage and loans that gain value as interest rates rise. Also, this industry's economy is made up of institutions and firms that provide financial services to wholesale and retail customers.
The main sectors that are into the Financial industry are,
Accounting and Bookkeeping.
Financial Markets and Planning.
Banking and General Financial Services.
Mortgage and Financial Broking.
Insurance and Superannuation.
Specialised Financial Services.
Allahabad Bank comes under the Banking sector. The banking sector is one of the active areas in India, which makes a significant portion of the growth of a country’s GDP. The banking sector in India is of great importance in Asia and also throughout the World because of its steady performance in the market.
Allahabad Bank, Competitors and Sector Peers:
Bandhan Bank Ltd. - BANBAN
Bank of Rajasthan Ltd.[Merged] - BANOFR
Centurion Bank of Punjab Ltd.[Merged] - CENTUB
City Union Bank Ltd. - CITUNI
Dhanlaxmi Bank Ltd. - DHABAN
Federal Bank Ltd. - FEDBAN
IDFC First Bank Ltd. - IDFCB
IndusInd Bank Ltd. - INDUBA
ING Vysya Bank Ltd.[Merged] - INGVYS
Jammu & Kashmir Bank Ltd. - JAMKA
Karnataka Bank Ltd. - KARBAN
Karur Vysya Bank Ltd. - KARVYS
Kotak Mahindra Bank Ltd. - KOTAMA
Lakshmi Vilas Bank Ltd. - LAKVIL
South Indian Bank Ltd. - SOUINB