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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]
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 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 ...
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.
An intriguing aspect of life insurance, especially within whole life policies, is the concept of limited-pay life insurance. This variation allows for a more accelerated premium payment schedule ...
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In 1974 Reserve Bank of India constituted a study group headed by Shri Prakash Tandon (then Chairman of Punjab National Bank), with a view to study the entire gamut of Bank's finance for working capital and suggest ways for optimum utilization of Bank credit. This was the first elaborate attempt by the central bank to organise the Bank credit.