Allahabad Bank eyes more offshore expansion

By | August 2, 2011

A recent press report said that the Public sector lender, Allahabad Bank has planned to increase its overseas presence. The bank has planned to set up branches in four Asian cities, according to a senior official of the bank.

Mr. J.P. Dua, Chairman and Managing Director of the bank said that the bank has approached the RBI for four new branches in places such as Singapore, Dhaka, Shanghai and Kowloon in Hong Kong. The bank has planned to launch one branch in each of the above mentioned places.

He said that the bank was waiting for approval from the Reserve Bank of India for the launch of its new branches. Talking about the growth target set by the bank, he said that it aims at credit growth in the range of 24-25% for this fiscal.

Allahabad Bank was the first Nationalised bank in Eastern India to launch Depository Participant Services from Kolkata with its own Server attached to the Premier Depository, National Securities Depository Services Limited (NSDL).

The Bank is now offering the Depository Services through both NSDL and CDSL. The bank has extended its Depository Functions through major cities like Lucknow, Varanasi, Kanpur, Mumbai and New Delhi which was recently added to its growing list.

The bank also offers a variety of loans including home loan, personal loans, vehicle loan, business loans, educational loan etc.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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