Allahabad Bank
A commemorative postage stamp on the 125th Anniversary of Allahabad Bank, A Govt. of India undertaking :
Issued by India
Issued on Jul 19, 1989
Description of Designs : The stamp depicts the Bank’s first building at Allahabad based on designs provided by the Bank. The First Day Cover shows the logo used by the Bank to commemorate completion of its 125 years of existence. The cancellation is designed by Mrs. Alka Sharma.
Type : Stamp, Mint Condition
Colour : Two colour
Denomination : 60 Paise
Overall size : 4.06 x 2.41 cms.
Printing size : 3.70 x 2.05 cms.
Perforation : 13 x 13
Paper : Harrisons & Sons un W/M Adhesive Gr. coated stamp paper
Number Printed : 15,00,000
Number per issue sheet : 45
Printing Process : Photogravure
Printed : India Security Press
About :
- The year 1989 marks the beginning of the 125th anniversary of Allahabad Bank, one of the oldest joint-stock banks in India. It has a rich legacy to inherit. The bank came into being on 24th April, 1865 in Allahabad. It was a welcome chance for the Indians who were looking for an Indian Bank but had no expertise and knowledge of the technicalities to start a banking company. Though rooted in foreign initiative, the Bank was planned to be an Indian institution. Munshi Gaya Prasad was the first Indian Director of the Board. The first branches were opened in the cities of Jhansi, Allahabad, Kanpur, Barielly, Lucknow and Calcutta.
- In 1923, the Bank became an affiliate to the P & O Banking Co-operation and its head office was shifted to Calcutta. In 1927 it became an affiliate to the Chartered Bank till it was nationalised along with 13 other premier banks on 19th July, 1969.
- The nationalisation gave fillip for an accelerated growth and the concept of social banking.
- Many national leaders of the yester years had banking dealings with the Allahabad Bank – Pandit Motilal Nehru, Shri Purushottam Das Tandon, Dr. K.N. Katju, Sir Surendranath Banerjee, Pandit Jawaharlal Nehru and Smt. Indira Gandhi. The Bank has the honour of holding the last will and testament of Pandit Jawaharlal Nehru.
- Today the Bank had 10 Zonal offices, 34 regional offices and 1515 branches. It had a business turn-over of over Rs. 6000 crores with an annual growth rate of 26%.
- Text: Courtesy: Allahabad Bank.
