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It was established by the agency house of Alexander and Company. [2] [3] [4] The Bank lived through three economic crises of the 19th century: [5] The Recession of 1819; The failure of Palmer and Co., a British agency house; The Banking Crisis of 1832
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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.
1818 – The first savings bank of Paris was established. [216] 1825 – Panic of 1825 in which 70 UK banks fail; 1862 – To finance the American Civil War, the federal government under U.S. President Abraham Lincoln issued legal tender paper money, called "greenbacks".
HDFC Life was established in 2000 becoming the first private sector life insurance company in India. [10] By 2001, the company had its 100th customer, strengthened its employee force to 100, and had settled its first claim. HDFC Life launched its first TV advertising campaign 'Sar Utha Ke Jiyo' in 2005.
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]
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The same year, ING Vysya Bank, ING Insurance, and the Damani Group established a life insurance joint venture, marking the first bancassurance venture in India. In 2005, Exide Industries acquired a 50% stake in ING Vysya Life Insurance. The company distributed its products through various channels, including Agency, Bancassurance, Corporate ...