Travancore National and Quilon Bank
The Travancore National and Quilon Bank, often abbreviated as TN&Q Bank, was a bank which came to being in 1937 in the princely Kingdom Of Travancore as a result of merger of two well known banks of the time, Travancore National Bank and Quilon Bank.[1]
 | |
| Company type | Private sector |
|---|---|
| Industry | Banking, Insurance, Capital Markets and allied industries |
| Founded | 1 April 1937 as The Travancore National and Quilon Bank |
| Founder | |
| Defunct | 31 March 1938 |
| Fate | Defunct |
| Headquarters | |
Number of locations | Madras Presidency |
Area served | India |
Key people |
|
| Products | Deposits, Personal Banking Schemes, C & I Banking Schemes, Agri Banking Schemes, SME Banking Schemes |
| Services | Banking, Trade Finance |
History
editFounding
editThe Travancore National and Quilon Bank was the result of a 1937 merger between Travancore National Bank (founded: 1912) and Quilon Bank (founded: 1919).[1] The merger resulted in TNQB becoming the 4th largest bank in India.[1][2]
Management
editThe bank was owned and managed by two prominent Christian families of Kerala, Chalakuzhy family and Kandathil family with origin from Thiruvalla. Another bank to originate from Thiruvalla was Federal Bank which is headquartered in Aluva now.
The bank had also managed to become the fourth largest bank in India, after the Imperial Bank of India, the Central Bank of India and the Bank of India.[2]
Final Years
editThe Travancore National and Quilon Bank was a successful bank in all aspects. But its unrelenting support to Indian National Congress (INC) in the struggle for independence resulted in its downfall. The Dewan(Prime Minister)of Travancore,Sir C.P Ramaswamy Iyer got irked because the banks founders were supporting Indian National Congress instead of the Ruler Of the Kingdom Of Travancore. So, he devised an unethical and dubious plan to close down the bank. His plan was successful and the two founders of the bank, K. C. Mammen Mappillai and Chalakuzhy Paulose Mathen were both falsely implicated and imprisoned by the Dewan, C.P Ramaswamy Iyer and his accomplices.
Aftermath
The bank was closed down after being accused of financial irregularities. But because this was not the truth, the founders were able to repay its investors before closing down permanently in 1939. The banks founders were released from imprisonment without any charges against them being proven.
See also
edit
References
edit- ^ a b c "Yes Bank Crisis: RBI's Trysts With Large Private Bank Failures". bloombergquint.com. Retrieved 27 June 2021.
- ^ a b "The rise and fall of TNQ bank". livemint.com. Retrieved 27 June 2021.