The Bank of India (1828)
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] 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][5][6] However, many of the currency notes issued by the bank were found to have been forged.[7]

The bank closed and was liquidated in 1829.[8][9]

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. 1 2 3 "Reserve Bank of India - Museum". rbi.org.in.
  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.
  4. ↑ Nilaish (28 March 2012). A Comprehensive Guide of Early Paper Money of India (1770-1861 A.D.): (1770-1861 A.D.). ISBN 9781469166285.
  5. 1 2 "India's First Currency Note". 5 October 2018.
  6. 1 2 "Early Bank Notes | Old Currency Bank Notes | Rare Bank Notes | Mintage World". www.mintageworld.com.
  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.
  9. ↑ Nilaish (28 March 2012). A Comprehensive Guide of Early Paper Money of India (1770-1861 A.D.): (1770-1861 A.D.). ISBN 9781469166285.
  10. ↑ "Reserve Bank of India". www.rbi.org.in.
  11. ↑ "Reserve Bank of India - Museum". rbi.org.in.
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