The Bank of India (1828)

Not to be confused with Bank of India.

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
India
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

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

  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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