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Modern banking in India originated in the mid of 18th century. Among the first banks were the Bank of Hindustan, which was established in 1770 and liquidated in 1829–32; and the General Bank of India, established in 1786 but failed in 1791. [1] [2] [3] [4]
The oldest bank in India is The Madras Bank (1683), followed by the Bank of Bombay, founded in 1720, which is then followed by the Bank of Hindustan, founded in 1770. Imperial Bank of India was succeeded by State Bank of India in 1955 and State Bank of Pakistan in 1948 respectively whose origins can be traced back to the Bank of Calcutta. It ...
The history of banking began with the first prototype banks, that is, the merchants of the world, who gave grain loans to farmers and traders who carried goods between cities. This was around 2000 BCE in Assyria , India and Sumer .
2020: - 1 April 2022, Indian Bank and Allahabad Bank merged. The oldest Joints Stock Bank in the country, Allahabad Bank, was founded on April 24 18,5 by a group of Europeans at Allahabad, at a juncture when organized industries, trade and banking were taking shape in India. Thus, the history of the bank now spreads over three centuries.
The SBI Library has around 5000 rare books and journals relevant to Indian economic history. The diverse collection includes past banking acts, laws, regulations, reports and commentaries which not only reflect the commercial ambitions of the English East India Company but also highlight the origins and economic trajectory of the State Bank of India.
In India, the paper currency was first issued during British East India Company rule. The first paper notes were issued by the private banks such as Bank of Hindostan and the presidency banks during late 18th century. Via the Paper Currency Act of 1861, the British Government of India was conferred the monopoly to issue paper notes in India. [5]
Investment banking in India started in the 19th century when European merchant banks began establishing trading houses in the country. [11] Foreign investment banks dominated the sector until the 1970s, when the State Bank of India launched its Bureau of Merchant Banking, and ICICI Securities became the first Indian private sector financial institution to offer merchant banking services. [11]
The bank was founded in 1720. The initial capital of the bank was 100,000 rupees and the amount was financed by the East India Company. [4] The bank was founded by the British employees of the East India Company in Bombay, Bombay Presidency. The Bank's initial headquarters were in the Bombay Castle. [1] [5]