The Bank of India (1828)

Bank established in 1828

Not to be confused with Bank of India.

The Bank of India (1828)Company type| Private sector

|

Industry| Banking, insurance, capital markets and allied industries
Founded| 1 April 1828 (1828-04-01) as The Bank of India (1828)
Defunct| 31 March 1829 (1829-03-31)
Fate| defunct in 1829
Headquarters|

India

Number of locations

| Bengal Presidency

Area served

| India
Products| Deposits, personal banking schemes, C & I banking schemes, agri banking schemes, SME banking schemes
Services| Banking, trade finance

The Bank of India was a bank founded in the year 1828 in British India and was closed down one year later in 1829. It was the thirteenth oldest bank in India.[1]

## History

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### Founding

[edit]

Raj Kissen Dutt founded the bank in 1828.[2][unreliable source?] It closed down in 1829.[1] The bank played a major role in the early economic history of East Bengal and Bangladesh.[3]

### Fate

[edit]

The bank issued its own currency notes in its one year of existence.[4][unreliable source?][5][6] However, many of the currency notes issued by the bank were found to have been forged.[7][unreliable source?]

The bank closed and was liquidated in 1829.[8][9][unreliable source?]

## Legacy

[edit]

The bank is notable for being the thirteenth oldest bank in India.[1] It is also notable for being one of the first institutions in India to issue its own paper banknotes or currency notes.[5][6] The Paper Currency Act, 1861, abolished the right of private banks to issue their own currency notes.[10][11]

## See also

[edit]

* Banks portal

* Indian banking
* List of banks in India
* List of oldest banks in India

## References

[edit]

1. ^ a b c "Reserve Bank of India - Museum". rbi.org.in. Archived from the original on 20 October 2021. Retrieved 20 October 2021.
2. ^ Nilaish (28 March 2012). A Comprehensive Guide of Early Paper Money of India (1770-1861 A.D.): (1770-1861 A.D.). ISBN 9781469166285.
3. ^ "Banking in Bangladesh | Independent". m.theindependentbd.com. Archived from the original on 20 October 2021. Retrieved 20 October 2021.
4. ^ Nilaish (28 March 2012). A Comprehensive Guide of Early Paper Money of India (1770-1861 A.D.): (1770-1861 A.D.). ISBN 9781469166285. Archived from the original on 23 February 2024. Retrieved 19 January 2022.
5. ^ a b "India's First Currency Note". 5 October 2018. Archived from the original on 26 October 2021. Retrieved 20 October 2021.
6. ^ a b "Early Bank Notes | Old Currency Bank Notes | Rare Bank Notes | Mintage World". www.mintageworld.com. Archived from the original on 20 October 2021. Retrieved 20 October 2021.
7. ^ Nilaish (28 March 2012). A Comprehensive Guide of Early Paper Money of India (1770-1861 A.D.): (1770-1861 A.D.). ISBN 9781469166285.
8. ^ Mukherjee, Meenakshi (2009). An Indian for All Seasons: The Many Lives of R.C. Dutt. ISBN 9780143067894. Archived from the original on 23 February 2024. Retrieved 19 January 2022.
9. ^ Nilaish (28 March 2012). A Comprehensive Guide of Early Paper Money of India (1770-1861 A.D.): (1770-1861 A.D.). ISBN 9781469166285. Archived from the original on 23 February 2024. Retrieved 19 January 2022.
10. ^ "Reserve Bank of India". www.rbi.org.in. Archived from the original on 20 October 2021. Retrieved 20 October 2021.
11. ^ "Reserve Bank of India - Museum". rbi.org.in. Archived from the original on 20 October 2021. Retrieved 20 October 2021.

## External links

[edit]

* Oldest Banks in India
* Banking in India

* v
* t
* e

Banking in India

Institutes|

| Central bank|

* v
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Reserve Bank of India

Regulation|

* Reserve Bank of India Act, 1934
* Monetary Policy Committee

People|

* Governor of the Reserve Bank of India
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Buildings|

* Reserve Bank of India Staff College
* RBI Monetary Museum

Subsidiaries|

* Bharatiya Reserve Bank Note Mudran
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Think tanks|

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Small finance banks|

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Payments banks|

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or wound up|

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Cooperative
banks|

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Regional rural banks|

* Assam Gramin Vikash Bank
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| Andhra|

* Andhra Pradesh Grameena Vikas Bank
* Andhra Pragathi Grameena Bank

|

Kerala|

* Kerala Gramin Bank
* North Malabar Gramin Bank
* South Malabar Gramin Bank

Uttar Pradesh|

* Allahabad UP Gramin Bank
* Gramin Bank of Aryavart
* Sarva UP Gramin Bank

Defunct banks|

| Merged|

| PSB|

* New Bank of India
* Dena Bank
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* Allahabad Bank
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|

SBI|

* Bank of Bombay
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Rescued|

* Global Trust Bank (OBC)
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* Punjab and Maharashtra Co-operative Bank (Unity SFB)

Acquired|

* Bank of Madura
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* Bengal Central Bank
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* Chartered Bank of India, Australia and China
* Grindlays Bank
* National Bank of India
* ING Vysya Bank
* Mercantile Bank of India, London and China
* Lord Krishna Bank
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* Times Bank
* Vysya Bank

| PSB|

* Bharat Overseas Bank
* Pandyan Bank

|

Wound up|

* Bank of Chettinad
* Dass Bank

Failed|

* Alliance Bank of Simla
* Arbuthnot & Co
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Liquidated|

* Bengal Bank (1784)
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* Nath Bank
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* The Commercial Bank (1819)
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Networks|

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|

ATM networks|

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providers|

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|

Related topics|

* ATM usage fees
* Bank run
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* Counterfeit money
* De-materialisation (de-mat)
* Demonetisation
* 2016
* Low denomination coins
* Foreign exchange (ForEx)

* Lists:  List of banks
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| Protocol
and codes|

* Bharat Bill Payment System (BBPS)
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* National Unified USSD Platform (NUUP)
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|

Rates &
ratios|

| Rates|

* Bank rate
* Mumbai Inter-Bank Bid Rate - MIBID/Mumbai Inter-Bank Offer Rate - MIBOR
* Mumbai Interbank Forward Offer Rate - MIFOR

|

Ratios|

* Capital Adequacy Ratio - CAR
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Regulators|

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Insolvency,
bankruptcy and
reconstruction|

| Boards|

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|

Legislation|

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Companies|

* ARCIL
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Legislation|

* Banking Regulation Act, 1949
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* Companies Act, 2013
* Insurance Act, 1938
* FEMA, 1999
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Tribunals|

* Company Law - NCLT
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Measures|

* Prompt Corrective Action

Other|

* Institute of Banking Personnel Selection
* Mumbai Consensus

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