Allahabad Bank- First Indian Joint Stock Bank to Enter 142nd
Year of Service to the Nation
Allahabad Bank, one of the leading nationalized banks, is at
the doorstep of a historical moment as it celebrates its 142nd Anniversary in various
colourful functions throughout the country. Allahabad Bank happens to be the
oldest joint stock Bank of India having started its business on 24th April, 1865 at the
confluence city of Allahabad.
While a graceful function was held at Head Office in Kolkata,
the main function of the anniversary celebration was held on 24th April, 2006 in its Civil
Lines Branch Compound, Allahabad where at the same place 141 years ago, Allahabad
Bank came into being. On this gala occasion, the Chairman & Managing Director,
Sri O.N.Singh inaugurated the renovated and a fully air-conditioned Civil Lines Branch at
Allahabad in presence of all the distinguished Directors of the Bank and other
dignitaries.
On the occasion of 142nd Foundation day of the Bank, the
Chairman & Managing Director launched two novel lending schemes namely Mahila Shakti
Yojana and Allahabad Bank General Credit Card Scheme. The basic purpose of Mahila
Shakti Yojana is to provide self-employment and generation of income for women in the area
of agriculture and allied sector under priority sector credit. The loan is free of service
charge with maximum limit of Rs.5 lacs with interest rate ranging from 9% to 10%.
The important feature of the other scheme viz., Allahabad Bank General
Credit Card Scheme is, it is granted for personal purpose in rural and semi-urban areas
without any security and with no attention on end-use of fund.
Speaking on the occasion, the Chairman & Managing Director,
Shri Singh recounted the glorious days of yore as to how from a small sapling the
Bank had grown into a large tree. Strength of the Bank lied, he observed, in its inherent
quality of adapting to new situation and call of the time. Some of the highlights of
achievements are
The growth in business has been commendable in last three years.
The performance in financial parameters has significantly improved
during the last few years.
To improve non-fund, non-interest income base, the Bank has extensively
started bancassurance business with tie-ups with LICI, NICL and with UTI and Principal-pnb
for cross selling of mutual fund products.
Shri Singh announced that farmers along with old customers were being
honoured at various similar functions throughout the country. On the agriculture front,
the performance of the Bank had been quite encouraging in recent years.
The Bank launched a unique integrated lending scheme "Kisan
Shakti Yojana" together with Kisan Credit Card (KCC) facility taking care of
production, investment and domestic need of the customers. The Bank's agriculture credit
outstanding stood at Rs.5726 crore forming 19.03% of the net bank credit against
stipulated norm of 18%.
For operationalizing integrated model of training, credit and
facilities of backward-forward linkage to farmers and rural entrepreneurs, Bank
established Farmers' and Entrepreneur Development Institutes at Rae Barelli. More such
institutes are planned at Bolpur(WB) and Tirwa (UP).
Bank introduced lending scheme for Tenant Farmers who had been
toiling under other big farmers and land owners so long.
The Chairman & Managing Director also emphasized that without
technological upgradation, no improvement would be sustainable for the Bank. The bank has
taken the quite a few initiatives in this direction like CBS in 900 branches, pressing
into service about 200 ATMs pressed into service with VISA International and National
Financial Switch (NFS) connectivity.
Shri Singh concluded that the extra-ordinary performance of the Bank
has enabled it to see dreams - dream of a prospective future looking for:
Rs.1,00,000 crore business by 31.3.2007
Go beyond the border with overseas presence with a representative
office in China and a full-fledged branch in Hong Kong.
Initiating a Joint Venture Insurance subsidiary with Indian and
Foreign partners.
The CMD stated that the outstanding performance of the Bank was
possible due to continued support from all its employees and customers, well-wishers and
stake holders. The Bank's devoted workforce will continue to scale new heights of
excellence and achievement with the ever-increasing trust of its numerous customers and
stakeholders.
Publicity Cell
24.4.2006
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