The Agra Bank was founded in 1833 in
Agra
Agra (, ) is a city on the banks of the Yamuna river in the Indian state of Uttar Pradesh, about south-east of the national capital New Delhi and 330 km west of the state capital Lucknow. With a population of roughly 1.6 million, Agra i ...
in the Indian
state
State may refer to:
Arts, entertainment, and media Literature
* ''State Magazine'', a monthly magazine published by the U.S. Department of State
* ''The State'' (newspaper), a daily newspaper in Columbia, South Carolina, United States
* ''Our S ...
of
Uttar Pradesh
Uttar Pradesh (; , 'Northern Province') is a state in northern India. With over 200 million inhabitants, it is the most populated state in India as well as the most populous country subdivision in the world. It was established in 1950 ...
with a capital of £1,000,000.
It was liquidated in 1900.
[Stuart Muirhead, Edwin Green. ''Crisis Banking in the East'', Ashgate Publishing, 1996 ]
Agra Bank
By 1840 its business was still confined to advances to the military. Attempts to circulate banknotes were blocked by the government but in any case notes had little appeal to the bulk of local residents. A branch was established in Somerset Place, Calcutta and by the mid-1850s Calcutta had become its head office with branches in Madras and Bombay and a London agency. Branches in Lahore and Canton were added and at the end of the 1850s the head office was moved to London.
[
]
London
Agra and United Service Bank
The Agra and United Service Bank was incorporated in England in 1857 and issued banknotes but it was unable to gain entry to the London Bankers' Clearing House
Cheque clearing (or check clearing in American English) or bank clearance is the process of moving cash (or its equivalent) from the bank on which a cheque is drawn to the bank in which it was deposited, usually accompanied by the movement of the c ...
.[Dennis O. Flynn, A.J.H. Latham, Sally M. Miller (editors). ''Studies in the Economic History of the Pacific Rim'' Routledge, London 1998 ]
Agra and Masterman's Bank
In June 1864 it took over a member of the London Bankers' Clearing House – the London banking partnership of Masterman, Peters, Mildred and Company – and renamed itself Agra and Masterman's Bank. It met strong opposition, suffered share price manipulation and lost customers.[ By 1866 it had become the leading exchange bank in the East after the ]Oriental Bank Corporation
The Oriental Bank Corporation (), or "OBC", was a British imperial bank founded in India in 1842 which grew to be prominent throughout the Far East. As an Exchange bank, the OBC was primarily concerned with the finance of trade and exchanges of ...
.[Compton Mackenzie. ''Realms of Silver'':100 years of banking in the East] Agra and Masterman's was obliged to suspend payment on 6 June 1866 following the panic beginning with the closure of Overend Gurney on 10 May 1866.[
]
Agra Bank
The remaining Indian portion of its business was reconstituted under the name Agra Bank.[ and re-opened for business on 7 January 1867. It was liquidated in 1900.][
]
See also
* 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 ba ...
References
Banks established in 1833
Banks established in 1857
Banks established in 1867
Former banknote issuers of Hong Kong
History of Agra
Defunct banks of India
Economic history of Uttar Pradesh
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