Bank of Chettinad is a defunct bank that originated in the

Nattukottai Chettiar The Nagarathar (also known as Nattukottai Chettiar) is a Tamil caste found native in Tamil Nadu, India. They are a mercantile community who are traditionally involved in commerce, banking and money lending. They use the title Chettiar and are ...

community. *1929: Two prominent Nattukottai Chettiar business family partnerships established the bank with its head office in Rangoon.Turnell (2009), p.32. They registered it as a private company in India and incorporated it under the Indian Companies Act of 1913. One of the families, from Kanadukathan, ran the firm. It was involved in many activities and was also closely associated with the Chettinad Corporation. In particular, it borrowed from

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, and Lloyds Bank for on-lending to Chettiar moneylenders. *1932: It opened an office in Colombo.Turnell (2009), p.51. *In 1942, the Japanese Military Authority created the Peoples Bank of Burma as a joint venture between it, the Burma Executive Authority (the Burmese puppet regime), and the Yokohama Specie Bank. Bank of Chettinad at the time was Burma's largest bank, the Peoples Bank of Burma took over Bank of Chettinad's 45 branches, and established its own head office in the former Burmese headquarters of Central Bank of India.Turnell (200), p.132. *1946: The Supreme Court of Ceylon ruled that Bank of Chettinad was not a bank in that it primarily made loans on promissory notes and mortgages and did not take deposits. *1963: The Burmese government nationalized all foreign banks and essentially drove out the large population of people of Indian origin, among whom there were many

Chettiar Chettiar (also spelt as Chetti and Chetty)is a title used by many traders, weaving, agricultural and land-owning castes in South India, especially in the states of Tamil Nadu, Kerala and Karnataka. They are a subgroup of the Tamil community ...

s. Bank of Chettinad by then was no longer operating under that name and was not among the 24 foreign banks that the government nationalized. *1965: Bank of Chettinad was voluntarily wound up.

Citations and references

;Citations ;References *Turnell, Sean (2009) ''Fiery Dragons: Banks, Moneylenders and Microfinnance in Burma''. (NAIS Press). *Weerasooria, W. S. 1973. ''The Nattukottai Chettiar Merchant Bankers in Ceylon''.(Delhiwala, Sri Lanka: Tisara Prakasakayo). Banks established in 1929 Banks disestablished in 1965 Defunct banks of India Indian companies disestablished in 1965 Financial services companies based in Chennai Indian companies established in 1929 {{Asia-bank-stub

See also

Citations and references