The Bank of India (1828)

The Bank of India was a bank founded in the year 1828 in British India and was closed down one year later in 1829. It was the thirteenth oldest bank in India.[1]

The Bank of India (1828)
Company typePrivate sector
IndustryBanking, insurance, capital markets and allied industries
Founded1 April 1828 (1828-04-01) as The Bank of India (1828)
Defunct31 March 1829 (1829-03-31)
Fatedefunct in 1829
Headquarters
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

History

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Founding

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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

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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

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The bank is notable for being the thirteenth 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

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References

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  1. ^ a b c "Reserve Bank of India - Museum". rbi.org.in. Archived from the original on 20 October 2021. Retrieved 20 October 2021.
  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. Archived from the original on 20 October 2021. Retrieved 20 October 2021.
  4. ^ Nilaish (28 March 2012). A Comprehensive Guide of Early Paper Money of India (1770-1861 A.D.): (1770-1861 A.D.). ISBN 9781469166285. Archived from the original on 23 February 2024. Retrieved 19 January 2022.
  5. ^ a b "India's First Currency Note". 5 October 2018. Archived from the original on 26 October 2021. Retrieved 20 October 2021.
  6. ^ a b "Early Bank Notes | Old Currency Bank Notes | Rare Bank Notes | Mintage World". www.mintageworld.com. Archived from the original on 20 October 2021. Retrieved 20 October 2021.
  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. Archived from the original on 23 February 2024. Retrieved 19 January 2022.
  9. ^ Nilaish (28 March 2012). A Comprehensive Guide of Early Paper Money of India (1770-1861 A.D.): (1770-1861 A.D.). ISBN 9781469166285. Archived from the original on 23 February 2024. Retrieved 19 January 2022.
  10. ^ "Reserve Bank of India". www.rbi.org.in. Archived from the original on 20 October 2021. Retrieved 20 October 2021.
  11. ^ "Reserve Bank of India - Museum". rbi.org.in. Archived from the original on 20 October 2021. Retrieved 20 October 2021.
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