Allahabad Bank Ltd.

YEAR                                                      EVENTS
 1865 - Allahabad Bank was set up on 24th April, at Allahabad by a
 Group
        of Europeans with subscribed capital of Rs.3 lakh.  It is the
        oldest Bank in the country at present.
 
 1920 - The P & O Banking Corporation took over the bank by acquiring
 its
        shares.
 
 1965 - The Bank celebrated Centenary. In 1969 it was nationalised.
 The
        bank has reached all social banking targets.
 
      - It has introduced the Crop Credit Card (Fasli Shigra Ring
 Patra). 
        It has launched the credit card India Card - Allahabad Bank.
 
 1992 - During the year the country faced its economic challenges
 Boldly
        and emerged with creditable achievements despite the
 following
        constraints.
 
      - Longer maturity Treasury Bills (364 days) have been
 introduced. 
 
      - The Bank has adopted 23 villages as `Model villages' for
 their
        integrated development.
 
      - International Branch at Moradabad became the first
 nationalised
        bank outside a metropolitan city to handle foreign exchange
        business.
 
      - The Bank has been designated as one of the banks to handle
 India
        Development Bonds Scheme under which the Bank mobilised
        subscriptions of Rs. 14.85 crore.
 
      - The Bank's Computer Based Terminal was commissioned at
        International Branch, Mumbai. 
 
      - The Bank has joined the elite group of 3000 banking/financial
        institutions in 72 countries for rapid transfer of
 standardised
        messages among SWIFT members by using state of art
 communication
        technology.
 
      - A dedicated communication line was set up between the
 mainframe
        computer and the Central Accounts Department to accelerate
        data-transfer and update data files.
 
      - The Bank has an effective vigilance set up to handle the
 Bank's
        vigilance matters.
 
      - The Bank was awarded Fourth Prize by the RBI under the
 Reserve
        Bank of India Shield Scheme for its commendable work
 regarding
        implementation of Hindi in Region `C'.  It was awarded a   
        certificate and the Third Prize in the Indira Gandhi Official
        Language Shield Competition 1991. 
 
      - The Rajbhasha Shield was awarded to the Bank as Second Prize 
        for its best performance by the Official Language
 Implementation
        Committee of Calcutta for the year 1991.  Rajbhasha Shields
 were
        awarded to Patna, Kanpur and Lucknow Zones and Hyderabad
 Regional
        Office.
 
      - The Bank organised an Official Language Conference at Jaipur
        during December 1991, It is regularly publishing the House
        Journal `Triveni Dhara' which contains Hindi section.
 
      - The Head Office Official Language Department has been
 publishing
        the journal `Ila Bharati' in Hindi.
 
      - The Bank has introduced mechanisation of Draft Reconciliation
 
        System at 11 Service Branches.
 
 1993 - It has been proposed to set up a Securities Trading
 Corporation. 
 
      - During the year, a Memorandum of Understanding was signed
 with
        Bank of India for issuing the Bank's INDIACARD with
 Mastercard
        affiliation.
 
      - The Bank implemented the new scheme of the Government called
        Simplified Scheme for payment of income tax by shopkeepers
 and
        other retail traders.
 
      - The International Branch, Mumbai, has been connected to the
 SWIFT
        network.
 
      - During the year Shresthta Ka Pramanpatra was awarded to the
 Bank
        by TOLIC, Calcutta.
 
 1994 - International Divisions have been opened at Nadesar Varanasi,
        Agra City and Kanpur.
 
 1995 - The Bank has entered into an MOU with the Small Industries
        Development Bank of India (SIDBI) for financing small scale
        industrial units.
 
      - The Bank will shortly be setting up a housing subsidiary with
 a
        proposed name All Housing Finance Ltd.
 
      - The Bank has 5 International Branches and 4 International
        Divisions.
 
      - The Bank organised 123 Hindi Workshops at different training
        centres and at Zonal Office level during the year in which
 2389
        officers/employees were imparted practical training in Hindi.
 
      - The Reserve Bank of India has awarded first prize to the Bank
 for
        commendable work in Hindi in Region `A' during the year.
 
      - The Bank emerged as the champion in the 8th All-India
 InterBank
        Football Tournament, sponsored by the Banks' Sports Board,
 IBA,
        held in Calcutta in February 1995, in which 10 banks
        pariticipated.
 
 1996 - The Bank set up Information Technology Centre to provide
 indepth 
        computer training to Officers at Calcutta and Lucknow.
 
      - The Bank emerged as the runners-up in the 7th Inter-Bank
 Football
        Tournament (Eastern Region), sponsored by the Banks' Sports
        Board, IBA, held at Durgapur from 15.2.1996 to 21.2.1996 in
 which
        8 banks participated.
 
 1997 - A one-day token strike was observed in all the 475 branches
 of
        Allahabad Bank in West Bengal to protest the management's
        alleged apathetic attitude towards the employees long
 standing
        demand.
 
      - Wipro the Indian computer giant, is set to win the first
 phase
        of the computerisation contract from the Calcutta based
        Allahabad Bank.
 
      - The Calcutta based Allahabad Bank has decided to close down
 all
        its 11 zonal offices and relocate some of its regional
 offices
        as part of the restructuring process in the bank.
 
      - Allahabad Bank, the Calcutta-based public sector bank, which
        has received an in-principle clearance from the Reserve Bank
 of
        India (RBI) for setting up a housing finance subsidiary, is
        reviewing its decision to do so in the light of the present
        market scenario.
 
      - Allahabad Bank has set up a committee in order to evolve a
 new
        formula for advancing loans for working capital requirements
 of
        businesses.
 
      - The Calcutta-based public sector Allahabad Bank has recently
        beefed up its Tier-II capital by a revaluation of its assets,
        chiefly real estate assets, by Rs 132 crore.  This has
 enabled
        an increase in the bank's capital adequacy ratio (CAR) by one
        percentage point to above 10 per cent.
 
      - Allahabad Bank has set up a committee in order to evolve a
 new
        formula for advancing loans for working capital requirements
 of
        businesses.  An expert committed has set up around two days
 ago
        which is studying the issue.
 
 1998 - Allahabad Bank is scouting for foreign tie-ups in the area of
        gold trading, for which it has recently received permission
        from the Reserve Bank of India (RBI).
 
      - The Allahabad Bank has become one of the first banks in the
        country to draw up a credit management policy following the
        dismantling of the Reserve Bank of India-prescribed Maximum
        Permissible Bank Finance (MPBF) norms.
 
      - Allahabad Bank has entered into an arrangement, informally
        though, with IDBI and ICICI in regard to funding of
        infrastructure projects.
 
      - Allahabad Bank is all set to widen its term deposit portfolio
        with the launch of its Flexifix Deposit Scheme on January 1.
        Flexifix Deposit offers to the customers high interest
 returns
        of the fixed deposit scheme along with the option of
        withdrawing a part of their deposits prematurely without
        affecting the rate of interest or maturity date of the
 balance
        part of the deposits.
 
      - The bank is installing 14 automated teller machines (ATMs) in
        eight cities throughout India, the Rs.1.20 crore contract for
        which has been awarded to Siemens Nixdorf Information Systems
        Ltd.
 
      - The Allahabad Bank launched the Allahabad Bank Green Card for
        farmers to enable adequate and timely credit support to them,
 not
        just to meet cultivation costs but also domestic needs.
 
 1999 - Allahabad Bank has launched two new schemes to increase the
        pace of credit offtake.
 
      - TATA Consultancy Services (TCS) has entered into a contract
        with Allahabad Bank for implementing the Integrated Standard
        Banking System (ISBS), a branch mechanisation package, at 60
        branches of the bank.
 
      - The city-based Allahabad Bank has bagged three major core
        sector clients - National Thermal Power Corporation (NTPC),
 Power
        Grid Corporation and Indian Railway Finance Corporation Ltd
        (IRFC).
 
      - AllBank Finance Ltd the 100-per cent subsidiary of Allahabad
        Bank, will seek the approval from the Reserve Bank of India
        (RBI) for accepting public deposits.
 
      - Allahabad Bank is launching a new trading finance scheme to
        bolster the growth of its merchant segment.  The scheme,
 which
        already has the board's approval, was recently formulated by
        the bank's business promotion committee (BPC).
 
 2000 - Allahabad Bank launched 56 boutique branches on Friday.
 
            - Allahabad Bank is to float a global tender inviting bids
 from
              international vendors for supplying both hardware and
 software to
              network 250 of its branches including regional and zonal
 offices.
 
            - Allahabad Bank has launched a new portal, the second of
 its kind,
              for sanctioning car loans through the Internet.
  
            - Allahabad Bank becomes the first public sector bank to
 have an
              exclusive Web site of its own, www.allbankcarloans.com,
 dedicated
              to sanctioning car loans through the Internet.
 
           - The Bank is making a foray into housing finance with the
 opening
              of 38 housing finance cells.  The bank introduced a wide
 range of
              personal finance products such as car, personal,
 consumer,
              housing loans and flexifix deposit schemes et al.
 
           - Calcutta-based Allahabad Bank has developed three new
 products -
             collect and pay services, guaranteed credit services and
 direct
             deposit services.
 
           - The Bank has installed an automatic teller machine at its
 Vashi
              branch under the shared payment network of the Indian
 Banks'
              Association.
 
           - Allahabad Bank's Gariahat branch in the city will offer
 24-hour
             telebanking facility from 28th June.
 
          - The Bank has tied up with Zenith Infotech to provide
 Internet
             banking.
 
          - Allahabad Bank has launched Allnet - the bank's internet
 banking service at its 
             industrial finance branch in Mumbai.
 
          - Allahabad Bank as introduced its voluntary retirement
 scheme and a
            sabbatical for its officers and employees.
 
          - Allahabad Bank has proposed to expand its depository
 services in Calcutta by
            opening collection centres at five strategic locations in
 the city.
 
            - Allahabad Bank set up a firstaid centre in the Science
 City, at Calcutta.
 
 2001 - Allahabad Bank has launched its new personal loan scheme for
 pensioners.
 
 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.
 
 -Allahabad bank has posted a 101%growth in the net profit to
 Rs.80.21cr with a business
 of 34,481.
 
 -ICICI Bank has opposed Allahabad Bank's petition seeking Kothari
 Petro wind up.
 
 -Allahabad Bank cuts its Prime Lending Rates, its revised rates will
 be 11.5% as against
 the present 12%.
 
 -Allahabad Bank takes the posession of property worth Rs. 3cr in the
 city using the powers
 given by the securitisation and reconstruction of Financial Assets
 and Enforcement of
 security ordinance.
 
 -Bank serves notices to 700 defaulters involving Rs.100cr
 
 2003
 
 -Allahabad Bank has seized the commercial assets of the Gurantors of
 Ramolene Fabrics
 (P) Ltd in Mumbai.
 
 -The rural banking department of Allahabad Bank has provided loans to
 farmers of the rural
 areas for agriculture.
 
 -Allahabad bank signs a Memorandum of Understanding with Corporation
 Bank for
 mutual sharing of their ATM Network.
 
 -Bank has been able to prune non-performing assets by Rs.540crs
 through a mix of
 cash recoveries, compromise, upgradation and wire-offs.
 
 -Dr.B Sama, Chairman and MD of the bank has retired at the close of
 the business on date
 due to its superannuation interms of GOI.
 
 
 -Mr. Onkar Nath singh has assumed charge of Chairman and Managing
 Director of the Bank in terms of Notification
 No.F.No.9/14/2003-B.O.I. dated December 04, 2003 of Government of
 India, Ministry of Finance, Department of Economic Affairs (Banking
 Division).
 
 2004
 
 -Allahabad Bank slashes prime lending rates by 50 basis points
 
 -Allahabad Bank participates in the equity of an ARC being floated by
 UTI
 
 -Allahabad Bank has informed that the Central Government after
 consultation with the Reserve Bank of India has nominated Smt. Sewali
 Chowdhary, Chief General Manager, Rural Planning and credit Department
 Reserve Bank of India, Kolkata, as Director on the Board of Directors
 of Allahabad Bank in place of Sri Surinder Kumar with effect from
 January 9, 2004 and until further Orders. Consequently, Sri Surinder
 Kumar has ceased to be a Director of the Bank.
 
 -Allahabad Bank has informed that it has entered into an MOU 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
 
 -Allahabad Bank has on April 24, 2004 stepped into the 140th year of
 its glorious existence in the Indian Financial sector.
 
 -Life Insurance Corporation of India and Allahabad Bank enter into a
 strategic tie up to develop bancassurance
 
 -Allahabad Bank MD gets award from Wisitex
 
 2005
 
 - Allahabad Bank sets the price band for the public issue of
 100,000,000 equity shares of Rs 10 each for cash through
 book-building route, which is opening on April 06, 2005. The price
 band is Rs 75 to Rs 82 per share of face value of Rs 10/- each. Rs
 75/- being floor price and Rs 82 being the cap price. Accordingly bid
 lot has been decided at 75 shares and in multiples of 75 shares
 thereafter.
 
 - Allahabad Bank public issue oversold 3.32 times
 
 - The follow-on Public Issue of 100,000,000 Equity Shares of the Bank
 through the book building process opened for bidding on April 06, 2005
 and closed on April 12, 2005. The price band fixed for the same was
 Rs.75 to Rs.82. Based on the response to the follow-on Public Issue
 and after consultation with the Book Running Lead Managers, the Bank
 has fixed the Issue Price at Rs. 82/- per Equity Share for the
 purpose of allotment of equity shares in the said follow-on Public
 Issue of the Bank.
 
 -Allahabad Bank signs memorandum of understanding with Mahindra
 Gujarat Tractor Ltd for financing Hindustan brand tractor under
 special finance scheme
 
 -Allahabad Bank to begin 12-hr banking in 33 branches
 
 2006
 
 -Allahabad Bank appointed Shri. A C Mahajan as Chairman & Managing
 Director (CMD) on August 01, 2006 upto July 31, 2010
 
 - Allahabad Bank has informed that Sri S. L. Jain, Chief Manager will
 act as Company Secretary of the Bank w.e.f November 01, 2006 in place
 of Sri Peter Barua, Company Secretary who will retire from Bank's
 Service on date.
 
 -Allahabad Bank merges six RRBs in UP
 
 -Allahabad Bank launches first overseas office in China
 
 2007
 
 - Allahabad Bank has informed that Government of India, Ministry of
 Finance, Departmental of Financial Services vide notification dated
 December 19, 2007 nominated Shri K K Dogra, Sr Manager of the Bank as
 Officer Employee Director on the Board of Directors of the Bank for a
 period of three years from the date of notification or till he ceases
 to be an officer of the Bank or until further orders, whichever is the
 earliest.
 
 2008
 
 -Allahabad Bank has informed that Government of India, Ministry of
 Finance, Department of Financial Services vide notification dated
 June 25, 2008, has appointed Shri. A C Mahajan, Chairman & Managing
 Director of the Bank as Chairman & Managing Director of Canara Bank
 from the date of his taking charge on or after July 01, 2008.
 
 - Allahabad Bank has informed that in exercise of the powers
 conferred by clause (a) of sub-section (3) of section 9 of the
 Banking Companies (Acquisition and Transfer of Undertakings) Act,
 1970 / 1980, read with sub-clause (1) of clause (3) and sub clause 8
 of the Nationalized Banks (Management and Miscellaneous Provisions)
 Scheme, 1970 / 1980, the Central Government, in consultation with
 Reserve Bank of India hereby appoints Shri. K R Kamath as Chairman &
 Managing Director, Allahabad Bank for a period of five years on and
 from August 02, 2008 or until further orders whichever is earlier.
 
 2009
 
 - Allahabad Bank has appointed Shri. Dina Nath Kumar as Company
 Secretary of the Bank. Shri. Dina Nath Kumar will act as Company
 Secretary of the Bank w.e.f. April 02, 2009 in place of Shri. S.L.
 Jain.
 
 - Allahabad Bank has informed that Shri. Dina Nath Kumar has been
 appointed as Company Secretary of the Bank. Shri. Dina Nath Kumar
 will act as Company Secretary of the Bank w.e.f. April 02, 2009 in
 place of Shri. S L Jain.
 
 - Allahabad Bank has informed that Bank has received only (1) valid
 application for contesting the election against one casual vacancy of
 shareholders' director as detailed below:- Name: Dr. Vasant Baburao
 Kaujalgi ,S/O Shri Baburao G Kaujalgi, Address: N 220 Ushas Apt. 16
 Main, 4 Block, Jayanagar , Bangalore 560011. In view of this
 Dr.Vasant Baburao Kaujalgi is deemed to have been elected as Director
 representing shareholders forthwith and shall hold office till June
 29,2011.In view of the above , there shall not be any election as set
 out in item No. 4 of the Notice for convening AGM.
 
 - Allahabad Bank has informed that consequent upon the appointment of
 Shri. A K Mohapatra, as Member, Appellate Authority for Industrial &
 Financial Reconstruction (A.A.I.F.R), Ministry of Finance, Govt. of
 India, Shri. A K Mohapatra, resigned as director representing
 shareholder of the Bank w.e.f. June 26, 2009.
 
 - Allahabad Bank decided to cut its benchmark prime-lending rate by
 25 basis points from July 1.
 
 2009
 
 - Allahabad Bank has appointed M/s. P A & Associates Chartered
 Accountants, M/s. M R Narain & Co. Chartered Accountants, M/s. S
 Ghose & Co. Chartered Accountants, and M/s. K M Agarwal & Co.
 Chartered Accountants, as the Statutory Central Auditors of the Bank
 in place of M/s. Rasool Singhal & Co, M/s. Dass Gupta & Associates,
 M/s. Anand Rungta & Co. and M/s. K S Bothra & Co.
 
 - Allahabad Bank has appointed Shri D. Sarkar as whole time director
 (designated as Executive Director) of the Bank.
 
 2010
 
 - Allahabad Bank has set up a branch in the Union Territory of Dadra
 and Nagar Haveli under the bank's zonal office, Ahmedabad.
 
 - Allahabad Bank has appointED  Shri A. B. Bhattacharjee, as General
 Manager (F&A) and Chief Financial Officer (CFO) of the Bank.
 
 2011
 
 -Allahaband Bank to expand in China, enter Singapore
 
 -Board recommended a  Dividend of Rs. 6 (60%) per equity share. 
 
 2012
 
 -Board recommended a Dividend of Rs. 6 (60%) per equity share. 
 
 -Allaha.Bank  has  appointed Smt. S. A. Panse as Chairman and
 Managing Director.
 
 2013
 
 - Board recommended a Dividend of Rs. 6 (60%) per equity share. 
 
 -Allahabad Bank has appointed/designated Shri K. S. Venkataraman as a
 General Manager (F&A) and Compliance Officer as Chief Financial
 Officer (CFO) of Bank 
 
 2014
 
 -Allahabad Bank has appointed Shri Rakesh Sethi as Chairman and
 Managing Director of the Bank .