The year 1989 marked the beginning of the 125th anniversary of Allahabad Bank, one of the oldest joint stock banks in India. 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 expertiese 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 Prashad was the first Indian Director of the Board.
The stamp depicts the Bank's first building at Allahabad. The first day cover shows the logo to commemorate completion of its 125 years of existence.
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