Carnatic Bank
| Type | Private sector |
|---|---|
| Industry | Banking, Insurance, Capital Markets and allied industries |
| Founded | 1 April 1788 as The Bengal Bank |
| Founder | Josias Du Pré Porcher |
| Defunct | 31 March 1843 |
| Fate | merged with the Bank of Madras |
| Successor | Bank of Madras |
| Headquarters | Chennai , India |
Number of locations | Madras Presidency |
Area served | India |
Key people | Josias Du Pré Porcher |
| Products | Deposits, Personal Banking Schemes, C & I Banking Schemes, Agri Banking Schemes, SME Banking Schemes |
| Services | Banking, Trade Finance |
| Parent | State Bank of India |
The Carnatic Bank was a bank founded in the year 1788 in British India. The bank was the sixth oldest bank in India.[1]
The bank was eventually merged with the Bank of Madras in 1843.[2]
History[]
Founding[]
The Carnatic Bank was the very first bank founded in the Madras Presidency and served many cities in South India.[3]
The founders of the bank were Josias Du Pré Porcher and Thomas Redhead. Both were European merchants from Calcutta.[4]
Management[]
The bank was staffed by mostly British nationals who were drawn mainly from the East India Company.[5]
The bank had most of its offices and branches in the Madras Presidency.[3]
Final years[]
The bank was one of four banks that were merged to form the Bank of Madras in 1843: the Madras Bank, the Carnatic Bank, The British Bank of Madras (1795), and the Asiatic Bank (1804). The Bank of Madras is one of the precursors of the Imperial Bank of India and eventually the State Bank of India.[3]
Legacy[]
The bank is notable for being the sixth oldest bank in India.[1]
The bank is also notable for being one of the precursors of the State Bank of India, through its predecessors the Imperial Bank of India and the Bank of Madras.[2]
See also[]
- Indian banking
- List of banks in India
References[]
- ^ a b "Reserve Bank of India - Museum". rbi.org.in.
- ^ a b "Madras Musings - We care for Madras that is Chennai".
- ^ a b c "Before Madras". The Hindu. 22 August 2016 – via www.thehindu.com.
- ^ Love, Henry Davidson. "Indian Records Series Vestiges of Old Madras".
- ^ "The Banking Heritage Building of Madras".
External links[]
- Defunct banks of India
- Companies based in Chennai
- Banks established in 1788