The Bank of India (1828)

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Not to be confused with Bank of India.

The Bank of India (1828)
TypePrivate sector
IndustryBanking, Insurance, Capital Markets and allied industries
Founded1 April 1828;
193 years ago (1828-04-01) as The Bank of India (1828)
Defunct31 March 1829 (1829-03-31)
Fatedefunct in 1829
Headquarters
India
Number of locations
Bengal Presidency
Area served
India
ProductsDeposits, Personal Banking Schemes, C & I Banking Schemes, Agri Banking Schemes, SME Banking Schemes
ServicesBanking, 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[]

References[]

  1. ^ a b c d "Reserve Bank of India - Museum". rbi.org.in.
  2. ^ Nilaish (28 March 2012). A Comprehensive Guide of Early Paper Money of India (1770-1861 A.D.): (1770-1861 A.D.). ISBN 9781469166285.
  3. ^ "Banking in Bangladesh | Independent". m.theindependentbd.com.
  4. ^ Nilaish (28 March 2012). A Comprehensive Guide of Early Paper Money of India (1770-1861 A.D.): (1770-1861 A.D.). ISBN 9781469166285.
  5. ^ a b "India's First Currency Note". 5 October 2018.
  6. ^ a b "Early Bank Notes | Old Currency Bank Notes | Rare Bank Notes | Mintage World". www.mintageworld.com.
  7. ^ Nilaish (28 March 2012). A Comprehensive Guide of Early Paper Money of India (1770-1861 A.D.): (1770-1861 A.D.). ISBN 9781469166285.
  8. ^ Mukherjee, Meenakshi (2009). An Indian for All Seasons: The Many Lives of R.C. Dutt. ISBN 9780143067894.
  9. ^ Nilaish (28 March 2012). A Comprehensive Guide of Early Paper Money of India (1770-1861 A.D.): (1770-1861 A.D.). ISBN 9781469166285.
  10. ^ "Reserve Bank of India". www.rbi.org.in.
  11. ^ "Reserve Bank of India - Museum". rbi.org.in.

External links[]

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