| Company type | Private sector |
|---|---|
| Industry | Banking, insurance, capital markets and allied industries |
| Founded | 1 April 1828 as The Bank of India (1828) |
| Defunct | 31 March 1829 |
| Fate | defunct in 1829 |
| Headquarters | |
Number of locations | Bengal Presidency |
Area served | India |
| Products | Deposits, personal banking schemes, C & I banking schemes, agri banking schemes, SME banking schemes |
| Services | Banking, trade finance |
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]
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 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
References
- ^ a b c "Reserve Bank of India - Museum". rbi.org.in. Archived from the original on 20 October 2021. Retrieved 20 October 2021.
- ^ Nilaish (28 March 2012). A Comprehensive Guide of Early Paper Money of India (1770-1861 A.D.): (1770-1861 A.D.). ISBN 9781469166285.
- ^ "Banking in Bangladesh | Independent". m.theindependentbd.com. Archived from the original on 20 October 2021. Retrieved 20 October 2021.
- ^ 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.
- ^ a b "India's First Currency Note". 5 October 2018. Archived from the original on 26 October 2021. Retrieved 20 October 2021.
- ^ 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.
- ^ Nilaish (28 March 2012). A Comprehensive Guide of Early Paper Money of India (1770-1861 A.D.): (1770-1861 A.D.). ISBN 9781469166285.
- ^ 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.
- ^ 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.
- ^ "Reserve Bank of India". www.rbi.org.in. Archived from the original on 20 October 2021. Retrieved 20 October 2021.
- ^ "Reserve Bank of India - Museum". rbi.org.in. Archived from the original on 20 October 2021. Retrieved 20 October 2021.
