Allahabad Bank

 

 

With its headquarters in Kolkata, Allahabad Bank offers financial products and service primarily to customers in India. The bank’s major activities include loans, credit and accepting deposits. Allahabad Bank has special financial products for the small scale and agricultural sectors. It also offers online banking services.[br]

Allahabad Bank: Business Profile

Allahabad Bank was founded by a group of Europeans in 1865 in Allahabad, a town in the northern state Uttar Pradesh in India. In 1923, its head office was shifted to Calcutta (now Kolkata), a major financial hub during that time. In the post-independence economic era, the bank was nationalized in 1969. Over the years, the bank expanded its business throughout the nation, with special focus on the central and eastern region. According to the 2009 data, Allahabad Bank has 2,260 branches and 69 extension counters.

 

In 2002, the bank launched its first initial public offering (IPO), which was followed by another public offer issue in 2005. In 2007, the bank opened its first overseas office in Hong Kong.

 

Allahabad Bank: Products and Services

Allahabad Bank offers a range of products and services that can be divided under following sections:

 

• Rural Banking: The bank has 968 rural branches to trickle down financial benefits to the grass root level. It offers traditional banking products at these rural branches such as savings, deposits and credits. ATM-cum-debit cards are provided to rural customers in association with Visa Inc. To strengthen its rural credit facilities, the bank launched agricultural credit scheme in 2004. This policy offers farm investment as well as personal loan benefits to qualified farmers.[br]

• International banking: Allahabad Bank offers international banking services to non-resident Indians (NRIs). It extends term deposits and loan products to NRIs. Export finance facility is also available at selected branches.

• Retail banking: Retail customers can access all core banking facilities, such as savings, deposits, loans, credit cards and debit cards, at Allahabad Bank. Particularly, the bank has a range of loan products for individual financial needs, such as house loan, education loan, car loan, pensioner loan and gold loan.

• Business banking: The bank offers asset management, investment solutions, business loans and treasury management services for enterprises and corporations.

 

To integrate the digital revolution into banking, Allahabad Bank has developed online banking services. It offers online banking to every accountholder, which includes debit card, PIN and reference booklet. With a unique log-in ID and password, customers can enjoy online shopping and account management through Allahabad Bank’s online services.