The North Western Bank of India (1840) was a bank founded in the year 1840 in Mussoorie, British India. The bank was the nineteenth oldest bank in India.[1][2]
| Company type | Private sector |
|---|---|
| Industry | Banking, Insurance, Capital Markets and allied industries |
| Founded | 1 April 1840 as The North Western Bank of India (1840) |
| Defunct | 31 March 1859 |
| Fate | defunct in 1859 |
| Headquarters | |
Number of locations | Mussoorie and Meerut |
Area served | India |
| Products | Deposits, Personal Banking Schemes, C & I Banking Schemes, Agri Banking Schemes, SME Banking Schemes |
| Services | Banking, Trade Finance |
History
editFounding
editThe bank was founded in 1840 in Mussoorie by English businessmen. The headquarters of the bank were later shifted to Meerut.[3]
The bank was initially named as the Mussoorie Bank. After its headquarter was moved to Meerut, the bank was renamed as The North Western Bank of India.[4]
The seven earliest directors of the bank were: T. F. Blois, William M. George, H. S. Ravenshaw, William Freeth, J. Angelo, W. H. Orde and R. Willis.[3]
Management
editThe bank's area of operations was largely centered around the United Provinces of British India, which corresponds to the present day states of Uttar Pradesh and Uttarakhand. Both Mussoorie and Meerut were located in this same province or region. Most of the earliest employees of the bank were sourced from the Chartered Bank of India, Australia and China.[5][2]
Some of the branches of the North Western Bank also operated from the branches of the Chartered Bank of India, Australia and China[5][2]
Final Years
editIn its later years, the bank was headquartered in Calcutta and had opened branches in London, Mussoorie, Bombay and Singapore.[4]
The bank was finally liquidated in 1859, as it was unable to withstand the competition from more well capitalized banks.[4]
Legacy
editThe bank is notable for being the nineteenth oldest bank in India.[1]
See also
edit
References
edit- ^ a b "Reserve Bank of India - Museum". rbi.org.in.
- ^ a b c Agrawal, Amol (23 December 2017). "What's in a name? Ask banks". mint.
- ^ a b "The Bankers' Magazine, and Journal of the Money Market". Richard Groombridge. 9 January 1847 – via Google Books.
- ^ a b c Muirhead, Stuart; Green, Edwin (5 December 2016). Crisis Banking in the East: The History of the Chartered Mercantile Bank of London, India and China, 1853–93. Routledge. ISBN 9781351947411 – via Google Books.
- ^ a b hooiyewlim (19 April 2018). "North Western Bank of India history in Singapore". Steemit. Retrieved 24 October 2024.