Oudh Commercial Bank or Awadh Commercial Bank was an

Indian Indian or Indians may refer to: Peoples South Asia * Indian people, people of Indian nationality, or people who have an Indian ancestor ** Non-resident Indian, a citizen of India who has temporarily emigrated to another country * South Asia ...

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

established in 1881 in

Faizabad Faizabad (Hindustani pronunciation: ɛːzaːbaːd is a city situated near the southern banks of Saryu river in Ayodhya district in the Indian state of Uttar Pradesh. The area of this Faizabad region is administered by Ayodhya Municipal Corpor ...

and operated until 1958 when it failed. It was the first commercial bank in India having limited liability and an entirely Indian board of directors. It was a small bank that had no branches and that served only local needs.

History

Before it failed it acquired the Bank of Rohilkund (or Bank of Rohilkhand), which Sir

Yusef Ali Khan Nawab Muhammad Yusef Ali Khan Bahadur, KSI, (5 March 1816 – 21 April 1865) was a Nawab of the princely state of Rampur from 1855 to 1865. During the First War of Independence, he rendered many useful services to the Government of India by ke ...

Nawab of Rampur Rampur State was a 15 gun-salute princely state of British India. It came into existence on 7 October 1774 as a result of a treaty with Oudh. Following independence in 1947, Rampur State and other princely states of the area, such as Bena ...

(1832–1887), had promoted over the objection of local moneylenders.''Indian Journal of History of Science'', 1982, Volumes 17-18, p.112. Bank of Rohilkund was established in 1862, just after the acceptance of limited liability for banks. Bank of Rohilkund was the first promoted by a princely state; it too was a small bank.

Citations and references

{{Banking in India Defunct banks of India Banks established in 1881 1881 establishments in India Awadh Economic history of Uttar Pradesh