Bank of Bombay (1720)

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Not to be confused with Bank of Bombay.

Bank of Bombay
TypePublic sector
IndustryBanking, Insurance, Capital Markets and allied industries
Founded1720
FounderEast India Company
Defunct31 March 1770 (1770-03-31)
FateDefunct
Headquarters
Bombay
,
India
Number of locations
Bombay Presidency
Area served
India
ProductsDeposits, Personal Banking Schemes, C & I Banking Schemes, Agri Banking Schemes, SME Banking Schemes
ServicesLoans, Deposits

The Bank of Bombay was the first bank founded in India, in 1720, and lasted until 1770.[1][2]

The Bank is one of the two oldest Banks in India, along with the Bank of Hindostan.[3][2]

History[]

Founding[]

The Bank was founded in the year of 1720. The initial capital of the bank was Rupees 100,000 and the amount was financed by the East India Company.[4]

The Bank was founded by the British employees of the East India Company in Bombay, Bombay Presidency. The Bank's initial headquarters were in the Bombay Castle.[1][5]

Management[]

The bank was staffed by mostly British nationals who were drawn mainly from the East India Company.[3][2][6]

The bank was managed by the government of the Bombay Presidency.[4]

Final Years[]

In the 1760s, the bank owned a sum of Rupees 28,00,000 to its creditors. Moreover the assets mortgaged to the Bank had fallen into disrepair. The bank found itself in a financial situation. The then government of the Bombay Presidency decided to write off the dues of the bank and establish a new bank with the same name to take its place.[4]

The Bank wound up its operations in the year 1770.[7][1]

Legacy[]

The bank is chiefly notable for being the very first bank founded in India, making it older than both Bank of Hindustan and the General Bank of India.[7][8][3][2]

In 1840, another bank of the same name was founded to take its place. However this 1840 bank has survived to the present day in the form of the State Bank of India, through its predecessor the Imperial Bank of India.[9][2]

See also[]

References[]

  1. ^ a b c Lentin, Sifra. "Indian banking's chequered history". www.gatewayhouse.in.{{cite web}}: CS1 maint: url-status (link)
  2. ^ a b c d e "The Evolution of Banking in India". 3 December 2018.
  3. ^ a b c "List of 4 Banks in India Before Independence". 10 August 2016.
  4. ^ a b c "BANKING, TRADE AND COMMERCE". cultural.maharashtra.gov.in. Archived from the original on 29 July 2013. Retrieved 22 May 2021.
  5. ^ Pelley, J. W.; Little, G. H.; Linn, T. C.; Hall, F. F. (February 1976). "Lipoamide dehydrogenase in serum: a preliminary report". Clinical Chemistry. 22 (2): 275–277. doi:10.1093/clinchem/22.2.275. ISSN 0009-9147. PMID 2395.
  6. ^ "Building an Indian bank: PNB's Swadeshi roots". Hindustan Times. 7 April 2018.
  7. ^ a b "Reserve Bank of India - Museum". rbi.org.in.
  8. ^ "History of Banking in India". www.thecivilindia.com.
  9. ^ "History of Banking in India : Era of Indian Banking Industry". 31 July 2017.

External links[]

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