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The oldest bank in India is The Madras Bank (1683), followed by the Bank of Bombay, founded in 1720, which is then followed by the Bank of Hindustan, founded in 1770. Imperial Bank of India was succeeded by State Bank of India in 1955 and State Bank of Pakistan in 1948 respectively whose origins can be traced back to the Bank of Calcutta .
The Madras Bank (1683) was the oldest bank founded in the Madras Presidency making it even older than the Carnatic Bank, The British Bank of Madras (1795) and The Asiatic Bank and served many cities in South India. [4] [6] [3] [5] The bank was founded and largely managed by European traders. They worked closely with the English East India ...
The Allahabad Bank, established in 1865 and still functioning today, is the oldest Joint Stock bank in India, it was not the first though. That honour belongs to the Bank of Upper India, which was established in 1863 and survived until 1913, when it failed, with some of its assets and liabilities being transferred to the Alliance Bank of Simla.
City Union Bank: 1904 Phoenix Mills: 1905 Tamil Nadu State Cooperative Bank (TNSC Bank) 1905 Aurora Film Corporation: 1906 Bank of India: 1906 Canara Bank: 1906 Cosmos Co-operative Bank Ltd: 1906 Hamdard India: 1906 Khoday Group: 1906 National Insurance Company: 1906 Shamrao Vithal Co-operative Bank: 1906 Alembic Group: 1907 Alembic ...
The Imperial Bank of India (IBI) was one of the oldest and the largest commercial banks in India, and was subsequently renamed and nationalised as the State Bank of India in 1955. Initially, as per its royal charter , it acted as the central bank for India prior to the formation of the Reserve Bank of India (RBI) in 1935.
The Bank of Bombay was the second-oldest bank in India after The Madras Bank (1683). It was started in 1720, and lasted until 1770. [1] [2] The bank is one of the three oldest Banks in India, along with The Madras Bank (1683) and the Bank of Hindostan. [3] [2]
In India, the paper currency was first issued during British East India Company rule. The first paper notes were issued by the private banks such as Bank of Hindostan and the presidency banks during late 18th century. Via the Paper Currency Act of 1861, the British Government of India was conferred the monopoly to issue paper notes in India. [5]
The oldest Joints Stock Bank in the country, Allahabad Bank, was founded on April 24 1865 by a group of Europeans at Allahabad, at a juncture when organized industries, trade and banking were taking shape in India. Thus, the history of the bank now spreads over three centuries. Indian banks set the growth of personal loans: In India, the growth ...