Industry | Banking Financial services |
---|---|
Founded | 15 April 1840 |
Defunct | 27 January 1921 |
Fate | Merged with Bank of Calcutta and Bank of Madras |
Successor | Imperial Bank of India |
Headquarters | , |
Area served | British India |
The Bank of Bombay was the second of the three presidency banks (others being the Bank of Calcutta and the Bank of Madras) of the Raj period. It was established, pursuant to a charter of the British East India Company, on 15 April 1840.
The bank's headquarters were in Bombay, now called Mumbai. The Bank of Bombay undertook all the normal activities which a commercial bank was expected to undertake. The Bank of Bombay, in the absence of any central banking authority at that time, also conducted certain functions which are ordinarily a preserve of a central bank.
The Bank of Bombay and two other Presidency banks - the Bank of Calcutta and the Bank of Madras - were amalgamated and the reorganized banking entity was named the Imperial Bank of India on 27 January 1921. The Reserve Bank of India, which is the central banking organization of India, in the year 1955, acquired a controlling interest in the Imperial Bank of India and the Imperial Bank of India was renamed on 30 April 1955 to the State Bank of India.
Company rule in India refers to the rule of the British East India Company on the Indian subcontinent. This is variously taken to have commenced in 1757, after the Battle of Plassey, when the Nawab of Bengal was defeated and replaced with another individual who had the support of the East India Company; or in 1765, when the Company was granted the diwani, or the right to collect revenue, in Bengal and Bihar; or in 1773, when the Company abolished local rule (Nizamat) and established a capital in Calcutta, appointed its first Governor-General, Warren Hastings, and became directly involved in governance. The rule lasted until 1858, when, after the Indian Rebellion of 1857 and consequently of the Government of India Act 1858, the British government assumed the task of directly administering India in the new British Raj.
State Bank of India (SBI) is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra. SBI is the 49th largest bank in the world by total assets and ranked 221st in the Fortune Global 500 list of the world's biggest corporations of 2020, being the only Indian bank on the list. It is a public sector bank and the largest bank in India with a 23% market share by assets and a 25% share of the total loan and deposits market. It is also the fifth largest employer in India with nearly 250,000 employees. On 14 September 2022, State Bank of India became the third lender and seventh Indian company to cross the ₹ 5-trillion market capitalisation on the Indian stock exchanges for the first time.
The renaming of the cities in India started in 1947 following the end of the British imperial period. Several changes were controversial, and not all proposed changes were implemented. Each had to be approved by the Central Government in New Delhi.
The Madras Presidency, or the Presidency of Fort St. George, also known as Madras Province, was an administrative subdivision (presidency) of British India. At its greatest extent, the presidency included most of southern India, including the whole of the Indian states of Tamil Nadu, Andhra state and some parts of Kerala, Karnataka, Odisha and the union territory of Lakshadweep. The city of Madras was the winter capital of the Presidency and Ootacamund or Ooty, the summer capital. The coastal regions and northern part of Island of Ceylon at that time was a part of Madras Presidency from 1793 to 1798 when it was created a Crown colony. Madras Presidency was neighboured by the Kingdom of Mysore on the northwest, Kingdom of Cochin on the southwest, and the Kingdom of Hyderabad on the north. Some parts of the presidency were also flanked by Bombay Presidency (Konkan) and Central Provinces and Berar.
The Bombay Presidency or Bombay Province, also called Bombay and Sind (1843–1936), was an administrative subdivision (province) of British India, with its capital in the city that came up over the seven islands of Bombay. The first mainland territory was acquired in the Konkan region with the Treaty of Bassein (1802). Mahabaleswar was the summer capital.
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.
The Bank of Madras was one of the three Presidency Banks of British India, along with the Bank of Bengal and the Bank of Bombay. It was established on 1 July 1843 through the amalgamation of a number of existing regional banks and headquartered in Madras. It was merged with the other Presidency banks in 1921 to form the Imperial Bank of India, which later became the State Bank of India.
The Imperial Bank of India (IBI) was one of the oldest and the largest commercial bank of the Indian subcontinent, and was subsequently transformed into the State Bank of India in 1955. Initially, as per its royal charter, it acted as the central bank for British India prior to the formation of the Reserve Bank of India (RBI) in 1935.
British India was the collective name for the administrative divisions of British governance on the Indian subcontinent, also termed as the provinces of India, earlier presidencies of British India and still earlier, presidency towns. In one form or another, they existed between 1612 and 1947, conventionally divided into three historical periods:
The Bank of Calcutta was founded on 2 June 1806, mainly to fund General Wellesley's wars against Tipu Sultan and the Marathas. It was the first bank of India and was renamed Bank of Bengal on 2 January 1809.
The Imperial Legislative Council (ILC) was the legislature of the British Raj from 1861 to 1947. It was established under the Charter Act of 1853 by providing for the addition of 6 additional members to the Governor General Council for legislative purposes. Thus, the act separated the legislative and executive functions of the council and it was this body within the GG council which came to known as the Indian/Central Legislative Council. In 1861 it was renamed as Imperial Legislative Council and the strength was increased.
William Gyfford was an English factor and Agent of Madras from 3 July 1681 to 8 August 1684 and the President of Madras from 26 January 1685 to 25 July 1687.
The Alliance Bank of Simla was a British-run though India-registered bank that commenced operations in Simla in 1874 under the management of James Lewis Walker. The bank was established to take over the business of the United Bank of India, established in 1866, which had operations in Simla and Umballa. Its board put the United Bank of India in voluntary liquidation on 21 March 1874, and Alliance Bank commenced operations two days later. After 49 years, Alliance Bank failed on 27 April 1923 due to speculation by its management. At the time that it failed it had 36 branches, including ones in Lahore, Lucknow, Peshawar, Rawalpindi, and Rangoon.
The Oriental Bank Corporation, or "OBC", was a British imperial bank founded in India in 1842 which grew to be prominent throughout the Far East. As an Exchange bank, the OBC was primarily concerned with the finance of trade and exchanges of different currencies. It was the first bank in Hong Kong and the first bank to issue banknotes in Hong Kong.
Nepal SBI Bank Limited (NSBL) is the first Indo-Nepal joint venture in the financial sector sponsored by three institutional promoters, namely State Bank of India (SBI), Employees Provident Fund and Agricultural Development Bank of Nepal through a memorandum of understanding signed on 17 July 1992.
British trading posts in the Indian subcontinent were first established by the East India Company (EIC) early in the seventeenth century, which quickly evolved into larger colonies covering a significant part of the subcontinent. Early settlements or factories included Masulipatnam (1611) and Madras (1640) in the south, Surat (1612) in the west, and modern-day Kolkata (1698–99) in the east. These colonies gave rise to Madras Presidency, Bombay Presidency, and Bengal Presidency, and each Presidency had a separate coinage and monetary system. In time, the EIC adopted a unified system of coinage throughout all British possessions in India and the older Presidency system was discontinued. After the Indian Rebellion of 1857, control of EIC territories passed to the British Crown. Coinage issued after 1857 were under the authority of the monarch as India became part of the British Empire. With the Royal Titles Act 1876, Victoria took the title "Empress of India", so in 1877 coin inscriptions changed from Victoria Queen to Victoria Empress. There was a transition period after India gained independence on 15 August 1947, and the first set of republic India coins were issued in 1950.
General elections were held in British India in 1920 to elect members to the Imperial Legislative Council and the Provincial Councils. They were the first elections in the country's modern history.
The Carnatic Bank was a bank founded in the year 1788 in British India. The bank was the sixth oldest bank in India.
The Government Savings Bank (1833) was a bank founded in the year 1833 in British India. The bank was the twelfth oldest bank in India.