Country's one of the oldest bank, Allahabad Bank on Wednesday celebrated its 150th Foundation Day. To mark the occasion, the bank released bank's history book, charting the glorious past of the bank in a single volume. Along with that, the bank also launched a branded vehicle, which will travel throughout the country on an awareness drive.
Besides, to mark the 150th year of its existence, the bank will inaugurate ATMs and e-lobbies. Under its corporate social responsibility (CSR), Allahabad Bank also announced to actively sponsor the educational expenditure of needy girl students.
Started on April 23, 1865 by a group Europeans in the city of Allahabad, bank had a modest beginning with a total subscriber capital of just Rs 3 lakh. From then, the bank has grown multifold and now its total business has crossed Rs 3.3 lakh crore.
Soon after stabilising its financial strength in the city of Allahabad, the bank expanded its business to new regions and started to acquire properties during the period of 1890-1920. In 1923, bank's headquarter was moved to Kolkata. In its journey, the bank has witnessed many political and economic upheavals.
With hardly eight branches at the turn of the nineteenth century, the bank bow has grown into a premier nationalised Bank with 2848 branches across the country and one overseas branch at Hong Kong.
In its long journey across three centuries, the bank continued to contribute to the growth of country's economy by extending financial assistance to traders, farmers, students, professionals, small businessmen. During this long journey, the bank has always been an active participant towards CSR activities. Its CSR activities include education to the underprivileged children and contribution to cancer research.