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Bank Of Hindustan
of Hindostan (1770–1832), a now defunct bank, is considered as among the first modern banks in Colonial India. History It was established by the agency house of Alexander and Company. The Bank lived through three economic crises of the 18th century: * The Recession of 1819 * The failure of Palmer and Co., a British agency house * The Banking Crisis of 1832 Business Activities 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. It was liquidated in 1830-32. See also *Indian banking *List of banks in India *List of oldest banks in India This list of the oldest banks in India includes financial institutions that were founded in the 18th and 19th centuries. Listed are th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Sector
The public sector, also called the state sector, is the part of the economy composed of both public services and public enterprises. Public sectors include the public goods and governmental services such as the military, law enforcement, infrastructure, public transit, public education, along with health care and those working for the government itself, such as elected officials. The public sector might provide services that a non-payer cannot be excluded from (such as street lighting), services which benefit all of society rather than just the individual who uses the service. Public enterprises, or state-owned enterprises, are self-financing commercial enterprises that are under public ownership which provide various private goods and services for sale and usually operate on a commercial basis. Organizations that are not part of the public sector are either part of the private sector or voluntary sector. The private sector is composed of the economic sectors that are intende ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Oldest Banks In India
This list of the oldest banks in India includes financial institutions that were founded in the 18th and 19th centuries. Listed are the thirty oldest banks in India, which includes all financial institutions founded prior to 1850. 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. The oldest bank still in operation is the State Bank of India, whose origins can be traced back to the Bank of Calcutta, was founded in 1806, though the tenth to be founded. Locations of headquarters The below cities are frequently listed among the headquarters of the banks mentioned in the above table. See also * History of banking * Banking in India * List of oldest companies * List of oldest companies in India * Lindy effect References External links List maintained by the Reserve Bank of IndiaEvolution of Banking in IndiaCharles Northcote CookeHistory of Banking in I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1832 Disestablishments In India
Year 183 ( CLXXXIII) was a common year starting on Tuesday (link will display the full calendar) of the Julian calendar. At the time, it was known as the Year of the Consulship of Aurelius and Victorinus (or, less frequently, year 936 ''Ab urbe condita''). The denomination 183 for this year has been used since the early medieval period, when the Anno Domini calendar era became the prevalent method in Europe for naming years. Events By place Roman Empire * An assassination attempt on Emperor Commodus by members of the Senate fails. Births * January 26 – Lady Zhen, wife of the Cao Wei state Emperor Cao Pi (d. 221) * Hu Zong, Chinese general, official and poet of the Eastern Wu state (d. 242) * Liu Zan (Zhengming), Chinese general of the Eastern Wu state (d. 255) * Lu Xun, Chinese general and politician of the Eastern Wu state (d. 245 __NOTOC__ Year 245 ( CCXLV) was a common year starting on Wednesday (link will display the full calendar) of the Julian calendar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banks Established In 1770
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the anc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1770 Establishments In India
Year 177 ( CLXXVII) was a common year starting on Tuesday (link will display the full calendar) of the Julian calendar. At the time, it was known as the Year of the Consulship of Commodus and Plautius (or, less frequently, year 930 ''Ab urbe condita''). The denomination 177 for this year has been used since the early medieval period, when the Anno Domini calendar era became the prevalent method in Europe for naming years. Events By place Roman Empire * Lucius Aurelius Commodus Caesar (age 15) and Marcus Peducaeus Plautius Quintillus become Roman Consuls. * Commodus is given the title ''Augustus'', and is made co-emperor, with the same status as his father, Marcus Aurelius. * A systematic persecution of Christians begins in Rome; the followers take refuge in the catacombs. * The churches in southern Gaul are destroyed after a crowd accuses the local Christians of practicing cannibalism. * Forty-seven Christians are martyred in Lyon (Saint Blandina and Pothinus, bishop o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Banks In India
This is the list of banks which are listed as Scheduled Banks (India) under second schedule of RBI Act, 1934. Commercial banks Public Sector Banks (PSBs) There are 12 public sector banks as of 15 November 2021 Private-sector banks At present, there are 21 private banks in India, as of 1 January 2022. Regional Rural Banks (RRBs) There are 43 regional rural banks in India as of 1 November 2020. Foreign banks Foreign banks in India as on July 14, 2020 - Branch/WOS/Representative form of presence as per RBI: Foreign banks operating as wholly owned subsidiary in India List of notable banks which are incorporated outside India and are operating wholly owned subsidiary in India: Foreign banks with branches in India List of notable banks which are incorporated outside India and are operating branches in India: Foreign banks with representative offices List of notable foreign banks with representative offices in India: Small finance banks Payments ban ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indian Banking
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. The largest and the oldest bank which is still in existence is the State Bank of India (SBI). It originated and started working as the Bank of Calcutta in mid-June 1806. In 1809, it was renamed as the Bank of Bengal. This was one of the three banks founded by a presidency government, the other two were the Bank of Bombay in 1840 and the Bank of Madras in 1843. The three banks were merged in 1921 to form the Imperial Bank of India, which upon India's independence, became the State Bank of India in 1955. For many years, the presidency banks had acted as quasi-central banks, as did their successors, until the Reserve Bank of India was established in 1935, under the Reserve Bank of India Act, 1934. In 1960, the State Banks of India was giv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
East India Company
The East India Company (EIC) was an English, and later British, joint-stock company founded in 1600 and dissolved in 1874. It was formed to trade in the Indian Ocean region, initially with the East Indies (the Indian subcontinent and Southeast Asia), and later with East Asia. The company seized control of large parts of the Indian subcontinent, colonised parts of Southeast Asia and Hong Kong. At its peak, the company was the largest corporation in the world. The EIC had its own armed forces in the form of the company's three Presidency armies, totalling about 260,000 soldiers, twice the size of the British army at the time. The operations of the company had a profound effect on the global balance of trade, almost single-handedly reversing the trend of eastward drain of Western bullion, seen since Roman times. Originally chartered as the "Governor and Company of Merchants of London Trading into the East-Indies", the company rose to account for half of the world's trade duri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Palmer And Company
The Palmer and Company, Limited, often simply called Palmer and Co. was an Agency House in British India founded by John Horsley Palmer. Palmer and Co. was the largest Agency House in British India. History Background Before the advent of joint-stock banking companies in India, the role of banks was played by agency houses. The agency houses performed various quasi-banking functions which included but were not limited to: * Accepting deposits (agency houses accepted deposits only from British nationals and other Europeans) * Financing trade * Lending of money (primarily to the Government) Business The Palmer and Co. was founded with the name Paxton, Cockerell and Trail. Their name was later changed to Palmer and Co. In 1829, Palmer and Co. financed and exported more than 16% of all the Indigo produced in British India. As a result, Palmer and Co. came to be known as the ''Indigo King of Bengal''. Failure The Palmer and Co. agency house failed in the year 1830 d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Agency Houses In British India
Agency Houses in British India, were trading companies that arose in 17th and 18th century India during the Company rule in India. History Background In the 17th and 18th century, most of Eastern India came under the rule of the East India Company. India, then, was a major producer of spices and dyes, primarily Indigo. The trade of Indigo was a major business. The agency houses were initially formed to trade in commodities, primarily Indigo. The agency houses were also involved in all the financial dealings that arose from the export of these commodities to Europe. Business Before the advent of joint-stock banking companies in India, the role of banks was played by agency houses. The agency houses performed various quasi-banking functions which included but were not limited to: * Accepting deposits (agency houses accepted deposits only from British nationals and other Europeans) * Financing trade * Lending of money (primarily to the Government) Downfall In the 19th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Small And Medium Enterprises
Small and medium-sized enterprises (SMEs) or small and medium-sized businesses (SMBs) are businesses whose personnel and revenue numbers fall below certain limits. The abbreviation "SME" is used by international organizations such as the World Bank, the European Union, the United Nations, and the World Trade Organization (WTO). In any given national economy, SMEs sometimes outnumber large companies by a wide margin and also employ many more people. For example, Australian SMEs makeup 98% of all Australian businesses, produce one-third of the total GDP (gross domestic product) and employ 4.7 million people. In Chile, in the commercial year 2014, 98.5% of the firms were classified as SMEs. In Tunisia, the self-employed workers alone account for about 28% of the total non-farm employment, and firms with fewer than 100 employees account for about 62% of total employment. The United States' SMEs generate half of all U.S. jobs, but only 40% of GDP. Developing countries tend to have a lar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banking
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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