Allahabad Bank has announced that the Government of India, Ministry of Finance, Department of Financial Services has appointed Rakesh Sethi as chairman and managing director of the bank with effect from the date of his taking over the charge of the post and upto Apr. 30, 2017 i.e. the date of his superannuation or until further order, whichever is earlier.

Accordingly, Rakesh Sethi has taken over the charge of chairman and managing director on date i.e. Mar. 12, 2014.

Shares of the bank declined Rs 0.9, or 1.08%, to trade at Rs 82.50. The total volume of shares traded was 104,414 at the BSE (12.30 p.m., Wednesday).