Scribd Logo
Upload

Welcome to Scribd!

  • Fdocuments - in Banking Law Primer

    Uploaded by

    Sh. Rakesh Meena
    5 views10 pages
    This document summarizes the history of banking in India prior to independence in 1947. It describes how banking traditions existed centuries before in India according to ancient texts. The first western-style banks were established in the late 18th century, including the Bank of Hindustan in 1770 and the presidencies banks of Bengal, Bombay, and Madras which emerged in the early 19th century. The Bank of Calcutta, established in 1806, was the first bank of India and was later renamed the Bank of Bengal.

    Original Description:

    Original Title

    Fdocuments.in Banking Law Primer (1)

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    This document summarizes the history of banking in India prior to independence in 1947. It describes how banking traditions existed centuries before in India according to ancient texts. The first western-style banks were established in the late 18th century, including the Bank of Hindustan in 1770 and the presidencies banks of Bengal, Bombay, and Madras which emerged in the early 19th century. The Bank of Calcutta, established in 1806, was the first bank of India and was later renamed the Bank of Bengal.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    5 views10 pages

    Fdocuments - in Banking Law Primer

    Uploaded by

    Sh. Rakesh Meena
    This document summarizes the history of banking in India prior to independence in 1947. It describes how banking traditions existed centuries before in India according to ancient texts. The first western-style banks were established in the late 18th century, including the Bank of Hindustan in 1770 and the presidencies banks of Bengal, Bombay, and Madras which emerged in the early 19th century. The Bank of Calcutta, established in 1806, was the first bank of India and was later renamed the Bank of Bengal.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 10

    Banking in India

    Phase I –Pre-independence
    Phase (up to 1947)
     India had centuries old tradition of
    indigenous Banking.

     There existed many evidences showing that


    the concept of Banking was not new to
    India.

     As Chanakya’s Arthashashtra about !!!


    B.C. showed facts that Banking was already
    there in powerful existence in India.
    Bank of Hindustan to Presidency
    Banks
     The Bank of "industan was established in
    #$$! and due to the %nancial crisis& it was
    closed in #'(.

     )mergence of three *residency Banks+ Bank


    of Bengal ,#'!-& Bank of Bombay ,#'/!
    with a capital of 0s.1( lakhs& and Bank of
    2adras ,#'/
    Bank of Cacutta
     The Bank of Cacutta was founded on (
    4une #'!5& mainly to fund 6eneral
    7ellesley8s wars against Tipu 9ultan and
    the 2arathas.

     It was the %rst bank of India and was


    renamed Bank of Bengal on ( 4anuary #'!-.
    Bank of 2adras
     The Bank of 2adras
    was one of India8s three
    *residency Banks.

     The Bank of 2adras was formed in #'/ as


    a :oint stock company with a capital of 
    million.

    You might also like