| Company type | Public sector |
|---|---|
| Industry | Banking, Insurance, Capital Markets and allied industries |
| Founded | 1720 |
| Founder | East India Company |
| Defunct | 31 March 1770 |
| Fate | Defunct |
| Headquarters | , |
Number of locations | Bombay Presidency |
Area served | India |
| Products | Deposits, Personal Banking Schemes, C & I Banking Schemes, Agri Banking Schemes, SME Banking Schemes |
| Services | Loans, Deposits |
The Bank of Bombay was the second oldest bank in India after The Madras Bank (1683). It was started in 1720, and lasted until 1770. [1] [2]
The bank is one of the three oldest Banks in India, along with The Madras Bank (1683) and the Bank of Hindostan. [3] [2]
The bank was founded in 1720. The initial capital of the bank was 100,000 rupees and the amount was financed by the East India Company. [4]
The bank was founded by the British employees of the East India Company in Bombay, Bombay Presidency. The Bank's initial headquarters were in the Bombay Castle. [1] [5]
The bank was staffed by mostly British nationals who were drawn mainly from the East India Company. [3] [2] [6]
The bank was managed by the government of the Bombay Presidency. [4]
In the 1760s, the bank owned a sum of 28,00,000 rupees to its creditors. Moreover the assets mortgaged to the Bank had fallen into disrepair. The bank found itself in a precarious financial situation. The government of the Bombay Presidency decided to write off the dues of the bank and establish a new bank with the same name to take its place. [4]
The bank is chiefly notable for being only the second bank founded in India, making it older than all other Indian banks except The Madras Bank (1683). [7] [8] [3] [2]
In 1840, another bank of the same name was founded to take its place. However this 1840 bank has survived to the present day in the form of the State Bank of India, through its predecessor the Imperial Bank of India. [9] [2]
State Bank of India (SBI) is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra. SBI is the 45th 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 tenth largest employer in India with nearly 250,000 employees. In 2023, the company’s seat in Forbes Global 2000 was 77.
The Indian rupee is the official currency in India. The rupee is subdivided into 100 paise. The issuance of the currency is controlled by the Reserve Bank of India. The Reserve Bank manages currency in India and derives its role in currency management based on the Reserve Bank of India Act, 1934.
The Madras Presidency or Madras Province, officially called the Presidency of Fort St. George until 1937, was an administrative subdivision (province) of British India and later the Dominion of India. At its greatest extent, the presidency included most of southern India, including all of present-day Andhra Pradesh, almost all of Tamil Nadu and parts of Kerala, Karnataka, Odisha and Telangana in the modern day. The city of Madras was the winter capital of the presidency and Ooty was the summer capital.
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 banks in India, and was subsequently renamed and nationalised as the State Bank of India in 1955. Initially, as per its royal charter, it acted as the central bank for India prior to the formation of the Reserve Bank of India (RBI) in 1935.
The Bank of Calcutta was founded on 2 June 1806, mainly to fund General Arthur Wellesley's wars against Tipu Sultan and the Marathas. It was the tenth oldest bank in India and was renamed Bank of Bengal on 2 January 1809.
The Bank of Bombay was the second of the three presidency banks of the Raj period. It was established, pursuant to a charter of the British East India Company, on 15 April 1840.
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.
Coinage under British governance of the Indian subcontinent can be divided into two periods: East India Company (EIC) issues, pre-1835; and Imperial issues struck under direct authority of the crown. The EIC issues can be further subdivided into two subcategories: the Presidency issues, which comprise separate Madras Presidency, Bombay Presidency, and Bengal Presidency issues; and uniform coinage for all British territories from 1835 to 1858. Imperial issues bear obverse portraits of Queen Victoria, Edward VII, George V, and George VI. No British India coins were issued during the brief reign of Edward VIII.
Bank of Hindostan (1770–1832), a now defunct bank, was the third oldest bank in India.
Agra Bank was an Indian bank that was founded in 1833 in Agra, with a capital of £1,000,000 and was finally liquidated in 1900.
The Carnatic Bank was an Indian bank founded in the year 1788 in British India. The bank was the seventh oldest bank in India. The bank was eventually merged with the Bank of Madras in 1843.
The Commercial Bank was a bank founded in the year 1819 in British India. The bank was the eleventh oldest bank in India.
The Calcutta Bank was a bank founded in the year 1824 in British India. The bank was the twelfth oldest bank in India.
The Government Savings Bank (1833) was an Indian bank founded in 1833 in British India and operated until it was liquidated in 1843. The bank was the fifteenth oldest bank in India.
The British Bank of Madras (1795) was a bank founded in the year 1795 in British India. The bank was the eighth oldest bank in India.
The Madras Bank (1683) was a bank founded in the year 1683 in British India. The bank was the oldest bank in India.
The Asiatic Bank (1804) was a bank founded in the year 1804 in British India. The bank was the ninth oldest bank in India.
