Allahabad Bank recently celebrated its 147th Foundation Day. Mr. Namo Narain Meena Minister of State for Finance stated that the RBI must skillfully manage the situation arising out of monetary tightening and the consequent rise in base lending rates of banks so that the credit growth is not constrained. He added saying that commercial banks have to set up financial literacy and credit counseling centers to take the financial inclusion agenda forward. He added saying that He said that the Government was very particular that the benefits of economic growth reached the common man and so the interest was focused on pursuing policies of inclusive growth.
Mr. Meena launched Allahabad Bank’s Mobile Banking Service, 100 ATMs and also a mobile van fitted with ATM at the Foundation day celebrations. The other services of the bank include bank deposits, international banking, education loans, home loan, personal loan etc.
Mr J. P.Dua, Chairman and Managing Director, Allahabad Bank, said that the bank was aiming at 25 per cent business growth for current fiscal and a net interest margin (NIM) of over 3 per cent. He also said that the bank’s credit growth was in excess of 30 per cent, during 2010-11and the bank is looking at the net interest margin of above 3 per cent for 2011-12.