The Union Bank (1828)
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The Union Bank was a bank founded in the year 1828 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 ...
by Prince
Dwarkanath Tagore Dwarkanath Tagore ( bn, দ্বারকানাথ ঠাকুর, ''Darokanath Ţhakur''; 1794–1846) was one of the first Indian industrialists to form an enterprise with British partners. He was the son of Ramlochon Tagore, the founder ...
. The bank was the fourteenth oldest bank in India.


History


Founding

In 19th century India, Prince
Dwarkanath Tagore Dwarkanath Tagore ( bn, দ্বারকানাথ ঠাকুর, ''Darokanath Ţhakur''; 1794–1846) was one of the first Indian industrialists to form an enterprise with British partners. He was the son of Ramlochon Tagore, the founder ...
owned his own trading firm
Carr, Tagore and Company Carr, Tagore and Company (also written as Carr, Tagore & Co.) was the first equal partnership between European and Indian businessmen and the initiator of the managing agency system in India. The company was launched in 1834 by Dwarakanath Tagore ...
. Prince
Dwarkanath Tagore Dwarkanath Tagore ( bn, দ্বারকানাথ ঠাকুর, ''Darokanath Ţhakur''; 1794–1846) was one of the first Indian industrialists to form an enterprise with British partners. He was the son of Ramlochon Tagore, the founder ...
desired to separate the financial activities of his firm into a separate banking company. As a result of this, the Union Bank was founded in the year 1828. The Union Bank was formed by the merger of two other banks: The Commercial Bank and The Calcutta Bank.


Management

Prince
Dwarkanath Tagore Dwarkanath Tagore ( bn, দ্বারকানাথ ঠাকুর, ''Darokanath Ţhakur''; 1794–1846) was one of the first Indian industrialists to form an enterprise with British partners. He was the son of Ramlochon Tagore, the founder ...
was the very first Indian to become a director of an Indian bank. All of the previous Indian banks had European directors and founders. Prince
Dwarkanath Tagore Dwarkanath Tagore ( bn, দ্বারকানাথ ঠাকুর, ''Darokanath Ţhakur''; 1794–1846) was one of the first Indian industrialists to form an enterprise with British partners. He was the son of Ramlochon Tagore, the founder ...
was assisted by his Parsi friend Rustomjee Cowasjee who was a successful businessman in his own right in the 19th century.


Final years

The bank collapsed in the year 1848. Prince
Dwarkanath Tagore Dwarkanath Tagore ( bn, দ্বারকানাথ ঠাকুর, ''Darokanath Ţhakur''; 1794–1846) was one of the first Indian industrialists to form an enterprise with British partners. He was the son of Ramlochon Tagore, the founder ...
eventually died in
London London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ...
and is currently buried in
London London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ...
.


Legacy

The bank is notable for being the fourteenth oldest bank in India. The bank's founder, Prince
Dwarkanath Tagore Dwarkanath Tagore ( bn, দ্বারকানাথ ঠাকুর, ''Darokanath Ţhakur''; 1794–1846) was one of the first Indian industrialists to form an enterprise with British partners. He was the son of Ramlochon Tagore, the founder ...
is also equally notable for being the very first Indian to start and operate a bank in India.


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 ...


References


External links


Oldest Banks in India

History of the Bank
{{DEFAULTSORT:Union Bank Defunct banks of India Companies based in Kolkata Banks established in 1828