Oudh Commercial Bank

Last updated

Oudh Commercial Bank
Private company
Industry Banking
FateFailed
Founded1881 (1881)
Defunct1958 (1958)
Headquarters,

Oudh Commercial Bank or Awadh Commercial Bank was established in 1881 in Faizabad 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. [1]

Faizabad City in Uttar Pradesh, India

Faizabad is a city in the Indian state of Uttar Pradesh, which forms a municipal corporation with Ayodhya. It is the headquarters of Faizabad district and Faizabad division. On 6 November 2018, the Uttar Pradesh cabinet headed by chief minister Yogi Adityanath approved the renaming of Faizabad as Ayodhya. Faizabad is situated on the banks of river Ghaghra about 130 km east of state capital Lucknow. It was the first capital of the Nawabs of Awadh and has monuments built by the Nawabs, like the Tomb of Bahu Begum, Gulab Bari.

History

Before it failed it acquired the Bank of Rohilkund (or Bank of Rohilkhand), which Sir Yusef Ali Khan, Nawab of Rampur (1832–1887), had promoted over the objection of local moneylenders. [2] 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. [1]

Yusef Ali Khan

Nawab Muhammad Yusef Ali Khan Bahadur, KSI, 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 keeping the British supply and communication lines to Naini Tal open, rescuing fugitives and securing the town of Moradabad. For his service, he was granted extensive lands in Bareilly by the Viceroy of India, Lord Canning, was knighted in 1861 and given a 13-gun salute along with the style of His Highness. Finally, he was made a member of the Viceroy's Council. Despite this multitude of honours, Sir Yusef continued to preserve the Mughal artistic tradition by inviting musicians, scholars and artists of Bahadur Shah Zafar II's court to resettle at Rampur, including the great poet Ghalib. Dying at 49 in 1865, he was succeeded by his son, Sir Kalb Ali Khan Bahadur.

Citations and references

Citations

  1. 1 2 Tripathi 2004, p. 136.
  2. Indian Journal of History of Science, 1982, Volumes 17-18, p.112.

References

International Standard Book Number Unique numeric book identifier

The International Standard Book Number (ISBN) is a numeric commercial book identifier which is intended to be unique. Publishers purchase ISBNs from an affiliate of the International ISBN Agency.

Related Research Articles

Corporation Separate legal entity that has been incorporated through a legislative or registration process established through legislation

A corporation is an organization, usually a group of people or a company, authorized to act as a single entity and recognized as such in law. Early incorporated entities were established by charter. Most jurisdictions now allow the creation of new corporations through registration.

Reserve Bank of India Central banking institution of India

The Reserve Bank of India (RBI) is India's central banking institution, which controls the issuance and supply of the Indian rupee. Until the Monetary Policy Committee was established in 2016, it also controlled monetary policy in India. It commenced its operations on 1 April 1935 in accordance with the Reserve Bank of India Act, 1934. The original share capital was divided into shares of 100 each fully paid, which were initially owned entirely by private shareholders. Following India's independence on 15 August 1947, the RBI was nationalised on 1 January 1949.

Punjab National Bank (PNB) is an Indian multinational banking and financial services company. It is a state-owned corporation based in New Delhi, India. The bank was founded in 1894. As of 31 March 2019, the bank has over 110 million customers, 7001 branches and 10681 ATMs across 764 cities.

Indian Bank is an Indian state-owned financial services company established in 1907 and headquartered in Chennai, India. It has 20,924 employees, 2900 branches with 2861 ATMs and 1014 cash deposit machines and is one of the top performing public sector banks in India. Total business of the bank has touched Rs.3.64 lakh Crores as on 31 March 2018.Bank's Information Systems & Security processes certified with ISO27001:2013 standard and is among very few Banks certified worldwide. It has overseas branches in Colombo and Singapore including a Foreign Currency Banking Unit at Colombo and Jaffna. It has 227 Overseas Correspondent banks in 75 countries. Since 1969 the Government of India has owned the bank.

UCO Bank, formerly United Commercial Bank, established in 1943 in Kolkata, is a major government-owned commercial bank of India. During FY 2013-14, its total business was 4.55 lakh crore. Based on 2014 data, it is ranked 1860 on Forbes Global 2000 List. UCO Bank was ranked 294th among India's most trusted brands according to the Brand Trust Report 2014, a study conducted by Trust Research Advisory. It was a rise of 796 ranks considering it was listed at the 1090th position among India's most trusted brands in the Brand trust Report 2013. As of 30 March 2017 the bank had 4,000 plus service units 49 zonal offices spread all over India. It also has two overseas branches in Singapore and Hong Kong. UCO Bank's headquarters is on BTM Sarani, Kolkata.

Banking in India A brief account of Indian Banking

Banking in India, in the modern sense, originated in the last decade of the 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.

Credit loan

Credit is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately, but promises either to repay or return those resources at a later date. In other words, credit is a method of making reciprocity formal, legally enforceable, and extensible to a large group of unrelated people.

Canara Bank A Public Sector Bank in India

Canara Bank is one of the largest public sector banks owned by the Government of India. It is headquartered in Bengaluru. It was established at Mangalore in 1906 by Ammembal Subba Rao Pai. It is one of the oldest public sector banks in the country. The government nationalized the bank in 1969. As of 30 October 2017, the bank had a network of 6639 branches and more than 10600 ATMs which is spread across all over India. The bank also has offices abroad in London, Hong Kong, Moscow, Shanghai, Doha, Bahrain, South Africa, Dubai, Tanzania and New York.

Industrial Development Bank of India (IDBI) was established in 1964 by an Act to provide credit and other financial facilities for the development of the fledgling Indian industry. Initially it operated as a subsidiary of Reserve Bank of India RBI transferred it to GOI. Many institutes of national importance finds their roots in IDBI like Sidbi, Exim bank, NSE and NSDL. The war cry for reforms in financial space saw GOI reducing its stake in the bank in the year 2019. Recently RBI has notified it as a private bank. At present, Life Insurance Corporation of India holds 51% stake in IDBI Bank. For the first quarter of the current financial year 2017-18, the bank reported a net loss of Rs.853 crore compared to a profit of Rs.241 crore during the corresponding period last financial year. In the fourth quarter of financial year 2016-17, the bank had reported a loss of Rs.3,200 crore. While the reported loss was lower than the preceding quarter, bad loans continued to surge. In the quarter ending September 2017 the bank bounced back with a loss of Rs.198 crore compared to a loss of over Rs.2,000 crore in the previous quarter. The bank is expected to return to profit in the upcoming financial year.

Arbuthnot & Co was a mercantile bank, based in Madras, India. It was founded as Francis Latour & Co in the late 18th century, then became Arbuthnot De Monte & Co and failed spectacularly on 22 October 1906.

Bank of Liverpool

The Bank of Liverpool was a financial institution founded in 1831 in Liverpool, England.

IndusInd Bank Limited is a Mumbai based Indian new generation bank, established in 1994. The bank offers commercial, transactional and electronic banking products and services. IndusInd Bank was inaugurated in April 1994 by then Union Finance Minister Manmohan Singh. Indusind Bank is the first among the new-generation private banks in India.

Bond of association

The (common) bond of association or common bond is the social connection among the members of credit unions and co-operative banks. Common bonds substitute for collateral in the early stages of financial system development. Like solidarity lending, the common bond has since played an important role in facilitating the development of microfinance for poor people.

The City of Glasgow Bank is now largely known for its spectacular collapse in October 1878, ruining all but 254 of its 1,200 shareholders, whose liability was not limited.

Crane Bank was a commercial bank in Uganda and was licensed and supervised by the Bank of Uganda (BOU), the central bank and national banking regulator.

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 Saturday 21 March, and Alliance Bank commenced operations on Monday, 23 March. 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.

Wema Bank Plc, commonly known as Wema Bank, is a Nigerian commercial bank.

Commercial Bank of Africa Group is a financial services provider in East Africa. Its headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Rwanda, Tanzania, Uganda and Ivory Coast.

Amish Tripathi Indian writer

Amish Tripathi is an Indian author, known for his novels The Immortals of Meluha, The Secret of the Nagas, The Oath of the Vayuputras, Scion of Ikshvaku and Sita: Warrior of Mithila. The first three books collectively comprise the Shiva Trilogy and the later two are the first two books of the Ram Chandra Series which is going to be a collection of five books. The Shiva Trilogy was the fastest selling book series in Indian publishing history while the Ram Chandra Series was the second fastest selling book series in Indian publishing history. Amish recently launched his first non-fiction book called Immortal India.