Search results
Results from the WOW.Com Content Network
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.
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 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 SBI Library has around 5000 rare books and journals relevant to Indian economic history. The diverse collection includes past banking acts, laws, regulations, reports and commentaries which not only reflect the commercial ambitions of the English East India Company but also highlight the origins and economic trajectory of the State Bank of India.
In the 19th century India, Prince Dwarkanath Tagore owned his own trading firm Carr, Tagore and Company. He then separated the financial activities of his firm into a separate banking company. As a result, the Union Bank was founded in 1828. [2] The bank was formed by the merger of two other banks: The Commercial Bank and The Calcutta Bank. [3] [4]
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]
Another banking company William Palmer and Company was started in 1810 in Hyderabad by William Palmer (1780-1867), also known as "King Palmer", son of General William Palmer (1740-1816) and his second wife Bibi Faiz Bakhsh ‘Faiz-un-Nisa’ Begum (died 1828) who came from the Oudh ruling family along with the Gujarati moneylender Benkati Das.
The bank is notable for being the twelfth oldest bank in India. [1] It is also notable for being one of the first institutions in India to issue its own paper banknotes or currency notes. [6] [7] [3] The ability of private banks to issue their own currency notes was taken away by The Paper Currency Act, 1861. [8] [9]