General Bank of Bengal and Bihar

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General Bank of Bengal and Bihar
TypePrivate sector
IndustryBanking, Insurance, Capital Markets and allied industries
Founded1 April 1773;
248 years ago (1773-04-01) as The General Bank of Bengal and Bihar
FounderWarren Hastings
Defunct31 March 1775 (1775-03-31)
FateDefunct
Headquarters
India
Number of locations
Bengal Presidency
Area served
India
Key people
Warren Hastings
ProductsDeposits, Personal Banking Schemes, C & I Banking Schemes, Agri Banking Schemes, SME Banking Schemes
ServicesBanking, Trade Finance

The General Bank of Bengal and Bihar (alternate spelling: General Bank of Bengal and Bahar) was a bank founded in the year 1773 in British India. The bank was the third oldest bank in India.[1] The bank became defunct March 31st, 1775.

History[]

Founding[]

The bank was established in 1773 by Warren Hastings, the very first Viceroy of India.[2]

During the early years of the British rule in India, a need was felt for a bank that would service the British employees of the East India Company. Many banks were founded as a result, and the General Bank of Bengal and Bihar was one such bank.[3]

Management[]

Although the bank was largely a private bank, it enjoyed patronage from the then government of India, the East India Company.[2]

The bank was staffed by mostly British nationals who were drawn mainly from the East India Company.[2][4]

Final Years[]

The bank lasted in business for only two years and was finally closed in 1775.[2]

The bank also issued its own currency notes in its two years of existence.[2]

Legacy[]

The bank is notable for being the third 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.[2]

The ability of private banks to issue their own currency notes was taken away by The Paper Currency Act, 1861.[5][6]

See also[]

References[]

  1. ^ a b "Reserve Bank of India - Museum". rbi.org.in.
  2. ^ a b c d e f "Early Bank Notes | Old Currency Bank Notes | Rare Bank Notes | Mintage World". www.mintageworld.com.
  3. ^ "Evolution of the Indian banking System" (PDF). old.amu.ac.in. Retrieved 28 May 2021.{{cite web}}: CS1 maint: url-status (link)
  4. ^ "Building an Indian bank: PNB's Swadeshi roots". Hindustan Times. 7 April 2018.
  5. ^ "Reserve Bank of India". www.rbi.org.in.
  6. ^ "Reserve Bank of India - Museum". rbi.org.in.

External links[]

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