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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.
The history of banking began with the first prototype banks, that is, the merchants of the world, who gave grain loans to farmers and traders who carried goods between cities. This was around 2000 BCE in Assyria , India and Sumer .
The world's oldest central bank. 1672 C. Hoare & Co. Kingdom of England United Kingdom: One of the oldest British banks and the oldest privately owned bank, not a limited company. 1674 Metzler Bank: Free City of Frankfurt Germany: 1690 Barclays: Kingdom of England United Kingdom: 1692 Coutts & Co. Kingdom of England United Kingdom: Part of ...
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 1683, Governor William Gyfford (1681–1687) and his Council in Madras established a bank.In 1805, Governor Sir William Bentinck convened a Finance Committee that recommended the formation of a First government bank in India; the Madras Bank, which was sometimes called the Government Bank amalgamated Lord Krishna Bank, began functioning from 1 February 1806.
The Commercial Bank was a bank founded in the year 1819 in British India. The bank was the eleventh oldest bank in India. [1] The bank was merged with The Calcutta Bank (1824) to form The Union Bank (1828) in 1828. Further, The Union Bank itself became defunct in 1848. [1]