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In 1983, ethnic sectarian violence in the form of anti-Tamil riots resulted in the burning of Indian Overseas Bank's branch in Colombo. Indian Bank, which may have had stronger ties to the Sinhalese population, escaped unscathed. [7] In 1990, Indian Bank rescued Bank of Tanjore (Bank of Thanjavur; est. 1901), with its 157 branches, based in ...
5 Notes. 6 References. ... Indian Bank; Indian Overseas Bank; MCB Bank; ... Union Bank of Colombo; Source: Central Bank, March 2021 [1] Licensed Specialised Banks
The currency board issued currency notes in exchange of Indian silver rupee, ensuring a 100% reserve, taking over the issuing of bank notes from the local exchange banks. The Board of Commissioners consisted of the Colonial Secretary of Ceylon, the Treasurer of Ceylon, and the Auditor-General of Ceylon. [1]
Vignettes in the book include the history of Indian bank notes dating back to 1770, when the Bank of Hindostan, a private bank located in Calcutta issued its first banknotes. However, the earliest banknote to still survive is dated 1810, by the Bank of Bengal. The book includes a comprehensive listing of all Indian banknotes since 1770. [6]
The Bank of Ceylon was the first private bank to issue banknotes on the island (1844) and Treasury notes were withdrawn in 1856. The Indian rupee was formally established as the unlimited legal tender 18 June 1869. The rupee was decimalized 23 August 1871.
Pieter Keuneman, third member for Colombo Central noted that, while the Eastern Province had a history of communal rioting, the events of June 1956 dwarfed them. He contended that explanations completely attributing the violence to factors peculiar to the Gal Oya valley, such as labor strikes, food shortages, or resentment against the ...
It also had overseas branches at Aden, Colombo, Dar-es-Salam, Jaffna, Jinga, Kampala, London, Mombasa, and Nairobi. [1] The bank opened three East African branches in 1947, with the branch in Tanzania opening in late 1948. A crisis developed in the bank from about mid-February 1949, resulting in a heavy run on the bank.
These were followed in 1952 by 2, 5, 50 and 100 rupee notes. The 1 rupee notes were replaced by coins in 1963. From 1977, banknotes were issued by the Central Bank of Sri Lanka. 20 rupees notes were introduced in 1979, followed by 500 and 1000 rupees in 1981, 200 rupees in 1998 and 2000 rupees in 2006.