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The Commercial Bank (1819)
The Commercial Bank was a bank founded in the year 1819 in British India. The bank was the eleventh oldest bank in India. The bank was merged with The Calcutta Bank (1824) to form The Union Bank (1828) in 1828. Further, The Union Bank itself became defunct in 1848. History Founding The bank was established in 1819 by the British agency house of Mackintosh & Co.https://insa.nic.in/writereaddata/UpLoadedFiles/IJHS/Vol17_1_8_EGKRao.pdf The bank played a major role in the early economic history of East Bengal and Bangladesh. Management Although the bank was largely a private bank, it enjoyed patronage from the then government of India, the East India Company. The bank was staffed by mostly British nationals who were drawn mainly from the East India Company. The bank had most of its offices and branches in East Bengal, which is the present day Bangladesh. Final Years The bank lasted in business for only nine years and was finally merged with The Calcutta Bank (1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Private Sector
The private sector is the part of the economy, sometimes referred to as the citizen sector, which is owned by private groups, usually as a means of establishment for profit or non profit, rather than being owned by the government. Employment The private sector employs most of the workforce in some countries. In private sector, activities are guided by the motive to earn money. A 2013 study by the International Finance Corporation (part of the World Bank Group) identified that 90 percent of jobs in developing countries are in the private sector. Diversification In free enterprise countries, such as the United States, the private sector is wider, and the state places fewer constraints on firms. In countries with more government authority, such as China, the public sector makes up most of the economy. Regulation States legally regulate the private sector. Businesses operating within a country must comply with the laws in that country. In some cases, usually involving multinatio ... [...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] |
Defunct Banks Of India
{{Disambiguation ...
Defunct (no longer in use or active) may refer to: * ''Defunct'' (video game), 2014 * Zombie process or defunct process, in Unix-like operating systems See also * * :Former entities * End-of-life product * Obsolescence Obsolescence is the state of being which occurs when an object, service, or practice is no longer maintained or required even though it may still be in good working order. It usually happens when something that is more efficient or less risky r ... [...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] |
The Paper Currency Act, 1861
The Paper Currency Act, 1861 is an act in India dating from the British colonial rule, that is currently no longer in force. Background Before the passing of the Act, there were a number of commercial banks in India which issued their own banknotes to the general public. Some of these commercial banks included: * The General Bank of Bengal and Bihar * The Bank of Hindostan, which had been set up by the Alexander and Co. agency house The East India Company, which then ruled over large parts of India, wanted to take away this power of issuing banknotes from the commercial banks, as a result of which The Paper Currency Act, 1861 was enacted into law. Tenets and Precepts After the enactment of the Act, the East India Company government became the sole issuer of banknotes in India. The three Presidency Banks of India became the issuer of banknotes on the behalf of the East India Company: * Bank of Calcutta * Bank of Bombay * Bank of Madras Repealment Just a few years be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Run
A bank run or run on the bank occurs when many clients withdraw their money from a bank, because they believe the bank may cease to function in the near future. In other words, it is when, in a fractional-reserve banking system (where banks normally only keep a small proportion of their assets as cash), numerous customers withdraw cash from deposit accounts with a financial institution at the same time because they believe that the financial institution is, or might become, insolvent; they keep the cash or transfer it into other assets, such as government bonds, precious metals or gemstones. When they transfer funds to another institution, it may be characterized as a capital flight. As a bank run progresses, it may become a self-fulfilling prophecy: as more people withdraw cash, the likelihood of default increases, triggering further withdrawals. This can destabilize the bank to the point where it runs out of cash and thus faces sudden bankruptcy. To combat a bank run, a bank ... [...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] |
Bangladesh
Bangladesh (}, ), officially the People's Republic of Bangladesh, is a country in South Asia. It is the eighth-most populous country in the world, with a population exceeding 165 million people in an area of . Bangladesh is among the most densely populated countries in the world, and shares land borders with India to the west, north, and east, and Myanmar to the southeast; to the south it has a coastline along the Bay of Bengal. It is narrowly separated from Bhutan and Nepal by the Siliguri Corridor; and from China by the Indian state of Sikkim in the north. Dhaka, the capital and largest city, is the nation's political, financial and cultural centre. Chittagong, the second-largest city, is the busiest port on the Bay of Bengal. The official language is Bengali, one of the easternmost branches of the Indo-European language family. Bangladesh forms the sovereign part of the historic and ethnolinguistic region of Bengal, which was divided during the Partition of India in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
East Bengal
ur, , common_name = East Bengal , status = Province of the Dominion of Pakistan , p1 = Bengal Presidency , flag_p1 = Flag of British Bengal.svg , s1 = East Pakistan , flag_s1 = Flag of Pakistan.svg , national_anthem = , image_map = Bangladesh on the globe (Bangladesh centered).svg , image_flag = , flag_caption = , image_coat = , capital = Dacca (currently known as Dhaka) , common_languages = Bengali, Urdu and English , religion = , government_type = Parliamentary constitutional monarchy , legislature = Legislative Assembly , date_start = 14 August , year_start = 1947 , event_start = Partition of Bengal , date_end = 14 October , year_end = 19551970 – 1971 , event_end = One ... [...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] |
Company Rule In India
Company rule in India (sometimes, Company ''Raj'', from hi, rāj, lit=rule) refers to the rule of the British East India Company on the Indian subcontinent. This is variously taken to have commenced in 1757, after the Battle of Plassey, when the Nawab of Bengal was defeated and replaced with another individual who had the support of the East India Company; or in 1765, when the Company was granted the ''diwani'', or the right to collect revenue, in Bengal and Bihar; or in 1773, when the Company abolished local rule (Nizamat) and established a capital in Calcutta, appointed its first Governor-General, Warren Hastings, and became directly involved in governance. The rule lasted until 1858, when, after the Indian Rebellion of 1857 and consequently of the Government of India Act 1858, the British government assumed the task of directly administering India in the new British Raj. Expansion and territory The English East India Company ("the Company") was founded in 1600, as ''The Co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
