The Government Savings Bank (1833)
   HOME

TheInfoList



Click Here for Items Related To - The Government Savings Bank (1833)
OR:
The Government Savings Bank (1833) on:   [Wikipedia]   [Google]   [Amazon]

The Government Savings Bank (1833) was a bank founded in the year 1833 in
British India The provinces of India, earlier presidencies of British India and still earlier, presidency towns, were the administrative divisions of British governance on the Indian subcontinent. Collectively, they have been called British India. In one ...
. The bank was the fifteenth oldest bank in India.


History


Founding

The bank was founded in 1833 in
Kolkata Kolkata (, or , ; also known as Calcutta , the official name until 2001) is the capital of the Indian state of West Bengal, on the eastern bank of the Hooghly River west of the border with Bangladesh. It is the primary business, comme ...
. Two more branches were opened at Bombay (
Mumbai Mumbai (, ; also known as Bombay — List of renamed Indian cities and states#Maharashtra, the official name until 1995) is the capital city of the Indian States and union territories of India, state of Maharashtra and the ''de facto'' fin ...
) and Madras (
Chennai Chennai (, ), formerly known as Madras ( the official name until 1996), is the capital city of Tamil Nadu, the southernmost Indian state. The largest city of the state in area and population, Chennai is located on the Coromandel Coast of th ...
) in 1833 and 1834 with maximum deposit limit of Rs 500 at 4 per cent interest.https://cultural.maharashtra.gov.in/english/gazetteer/greater_bombay/banking.html The bank played a major role in the early economic history of
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 ...
and
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 mos ...
.


Management

The bank had its branches in each of the three
Presidencies of British India The provinces of India, earlier presidencies of British India and still earlier, presidency towns, were the administrative divisions of British governance on the Indian subcontinent. Collectively, they have been called British India. In one ...
: Bombay, Madras and Bengal (Calcutta). These branches were later merged into a single entity.


Final Years

The bank was finally closed and liquidated in 1843.


Legacy

The bank is notable for being the fifteenth oldest bank in India. The bank was the spiritual predecessor of the India Post Payments Bank.


See also

*
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. ...
*
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 A ...
*
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


External links


Oldest Banks in India

Banking in India
{{DEFAULTSORT:The Bank of India Defunct banks of India Companies based in Kolkata Banks established in 1833