The Union Bank (1828)

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Not to be confused with Union Bank of India.

The Union Bank
TypePrivate sector
IndustryBanking, Insurance, Capital Markets and allied industries
Founded1 April 1828 (1828-04-01) as The Union Bank
FounderDwarkanath Tagore
Defunct31 March 1848 (1848-03-31)
FateDefunct
Headquarters
Calcutta
,
India
Number of locations
Bengal Presidency
Area served
India
Key people
Dwarkanath Tagore
ProductsDeposits, Personal Banking Schemes, C & I Banking Schemes, Agri Banking Schemes, SME Banking Schemes
ServicesBanking, Trade Finance

The Union Bank was a bank founded in the year 1828 in British India by Prince Dwarkanath Tagore. The bank was the eleventh oldest bank in India.[1]

History[]

Founding[]

In 19th century India, Prince Dwarkanath Tagore owned his own trading firm Carr, Tagore and Company. Prince Dwarkanath Tagore desired to separate the financial activities of his firm into a separate banking company. As a result of this, the Union Bank was founded in the year 1828.[2]

The Union Bank was formed by the merger of two other banks: The Commercial Bank and The Calcutta Bank.[3][4]

Management[]

Prince Dwarkanath Tagore was the very first Indian to become a director of an Indian bank. All of the previous Indian banks had European directors and founders.[5]

Prince Dwarkanath Tagore was assisted by his Parsi friend who was a successful businessman in his own right in the 19th century.[6]

Final years[]

The bank collapsed in the year 1848. Prince Dwarkanath Tagore eventually died in London and is currently buried in London.[7]

Legacy[]

The bank is notable for being the eleventh oldest bank in India.[1]

The bank's founder, Prince Dwarkanath Tagore is also equally notable for being the very first Indian to start and operate a bank in India.[8][6]

See also[]

References[]

  1. ^ a b "Reserve Bank of India - Museum". rbi.org.in.
  2. ^ "Dwarakanath Tagore - India's Industrious Pioneer".
  3. ^ [1]
  4. ^ N, Shivam (10 June 2016). "History of the Paper Currency in India: 3 Periods".
  5. ^ "Dwarkanath Tagore (1794-1864); Rabindranath's grandfather". The Scottish Centre of Tagore Studies. 5 February 2019.
  6. ^ a b "A friend of Dwarkanath Tagore, this Parsi Babu loved Calcutta". www.telegraphindia.com.
  7. ^ Paul, Aniek (22 August 2015). "The chequered history of Kolkata's banks". mint.
  8. ^ "Contribution of dwarkanarh tagore and tata company - Brainly.in". brainly.in.

External links[]

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