Allahabad Bank to open four branches overseas

Allahabad bank has approached the Reserve Bank of India (RBI) for opening four overseas branches. At present, the bank has one overseas branch and representative office.

Mr J. P. Dua, Chairman and Managing Director, Allahabad Bank, said: “We have approached the regulator for opening overseas branch each in Dhakha, Shanghai, Singapore and Hong Kong. With this Hong Kong will have two branches.”

The bank has a representative office in China. The bank is celebrating 148 years of its existence.

The oldest joint stock bank of the country aims to maintain net interest margin of 3 per cent during current fiscal. The bank expects credit and deposits to growth at 20 per cent each in the current fiscal, Mr Dua added.

The bank has opened its 2,525th branch, which is in the Delhi region. It has also launched 148 ultra small branches which will work with one official and banking correspondents.

The bank also announced the launch of inter-bank mobile payment service, Rupay Card, prepaid card and other e-products.

Highlighting the bank's performance, Mr Dua said that the bank's business has crossed Rs 2,72,000 crore in 2011-12.