In a bid to increase its presence in the southern region, the bank was having four authorisation in hand for the current fiscal for Karnataka, two for Kerela and 17 for Tamilnadu, according to the press release.
It added that the bank had applied for 12 more authorisation with the Reserve Bank of India(RBI).
It further informed that the new branch was under the zonal office in Chennai, adding the bank's total business from the belt was assessed at Rs 3,943 crore, of which deposits and advances amounted to Rs 2,055 crore and Rs 1,888 crore respectively. The credit-deposit ratio of the zone also stood at 92 per cent.
Allahabad Bank was currently celebrating its 144th year of service to the nation.