The Bank of India (1828)
Type | Private sector |
---|---|
Industry | Banking, Insurance, Capital Markets and allied industries |
Founded | 1 April 1828 | as The Bank of India (1828)
Defunct | 31 March 1829 |
Fate | defunct in 1829 |
Headquarters | India |
Number of locations | Bengal Presidency |
Area served | India |
Products | Deposits, Personal Banking Schemes, C & I Banking Schemes, Agri Banking Schemes, SME Banking Schemes |
Services | Banking, Trade Finance |
The Bank of India was a bank founded in the year 1828 in British India. The bank was the tenth oldest bank in India.[1] It closed down in 1829.[1]
History[]
Founding[]
Raj Kissen Dutt founded the bank in 1828.[2][unreliable source?] It closed down in 1829.[1] The bank played a major role in the early economic history of East Bengal and Bangladesh.[3]
Fate[]
The bank issued its own currency notes in its one year of existence.[4][unreliable source?][5][6] However, many of the currency notes issued by the bank were found to have been forged.[7][unreliable source?]
The bank closed and was liquidated in 1829.[8][9][unreliable source?]
Legacy[]
The bank is notable for being the tenth 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.[5][6] The Paper Currency Act, 1861, abolished the right of private banks to issue their own currency notes.[10][11]
See also[]
- Indian banking
- List of banks in India
- List of oldest banks in India
References[]
- ^ a b c d "Reserve Bank of India - Museum". rbi.org.in.
- ^ Nilaish (28 March 2012). A Comprehensive Guide of Early Paper Money of India (1770-1861 A.D.): (1770-1861 A.D.). ISBN 9781469166285.
- ^ "Banking in Bangladesh | Independent". m.theindependentbd.com.
- ^ Nilaish (28 March 2012). A Comprehensive Guide of Early Paper Money of India (1770-1861 A.D.): (1770-1861 A.D.). ISBN 9781469166285.
- ^ a b "India's First Currency Note". 5 October 2018.
- ^ a b "Early Bank Notes | Old Currency Bank Notes | Rare Bank Notes | Mintage World". www.mintageworld.com.
- ^ Nilaish (28 March 2012). A Comprehensive Guide of Early Paper Money of India (1770-1861 A.D.): (1770-1861 A.D.). ISBN 9781469166285.
- ^ Mukherjee, Meenakshi (2009). An Indian for All Seasons: The Many Lives of R.C. Dutt. ISBN 9780143067894.
- ^ Nilaish (28 March 2012). A Comprehensive Guide of Early Paper Money of India (1770-1861 A.D.): (1770-1861 A.D.). ISBN 9781469166285.
- ^ "Reserve Bank of India". www.rbi.org.in.
- ^ "Reserve Bank of India - Museum". rbi.org.in.
External links[]
- Defunct banks of India
- Companies based in Kolkata
- Banks established in 1828