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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] It was liquidated in 1830–1832. [5]
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. It ...
Alexander and Company, Limited, often simply called Alexander and Co., was an Agency House in British India founded by traders and merchants from Scotland. Alexander and Co. has made several pioneering contributions to the economy of India. Alexander and Co. was the promoter and founder of India's very first bank, the Bank of Hindostan. [1]
The Oriental Life Insurance Company, the first company in India to offer life insurance coverage, was established in Kolkata in 1818 by Bipin Das Gupta. Its primary target market was India. [9] Surendranath Tagore had founded Hindustan Insurance Society around the same time, which later became the Life Insurance Corporation. [10]
Modern banking in India originated in the mid of 18th century. Among the first banks were the Bank of Hindustan, which was established in 1770 and liquidated in 1829–32; and the General Bank of India, established in 1786 but failed in 1791.
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The Bank was the sixth oldest bank in India. [1] [2] In the 18th century, Calcutta had become a centre of trade and commercial activities of the East India Company. Most of British commercial agencies, businesses, export houses and private industry were headquartered in Calcutta. All of these businesses were staffed and managed by British ...
The Bank of Hindustan was a legally separate organization but was closely linked to Palmer and Co. Both companies would collapse in the 1830s, leading to the loss of deposits for many people. While under the control of the East India Company, these agency houses contributed to establishing the Tinkathia System , which would prove to be a major ...