| Type | Private sector |
|---|---|
| Industry | Banking, Insurance, Capital Markets and allied industries |
| Founded | 1 April 1828 as The Bank of India (1828) |
| Defunct | 31 March 1829 |
| Fate | defunct in 1829 |
| Headquarters | |
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. The bank was the tenth oldest bank in India. [1] It closed down in 1829. [1]
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]
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? ]
The bank is notable for being the tenth 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]
In macroeconomics, the money supply refers to the total volume of money held by the public at a particular point in time in an economy. There are several ways to define "money", but standard measures usually include currency in circulation and demand deposits. The central bank of each country may use a definition of what constitutes money for its purposes.
Federal Reserve Notes, also United States banknotes, are the currently issued banknotes of the United States dollar. The United States Bureau of Engraving and Printing produces the notes under the authority of the Federal Reserve Act of 1913 and issues them to the Federal Reserve Banks at the discretion of the Board of Governors of the Federal Reserve System. The Reserve Banks then circulate the notes to their member banks, at which point they become liabilities of the Reserve Banks and obligations of the United States.
A United States Note, also known as a Legal Tender Note, is a type of paper money that was issued from 1862 to 1971 in the U.S. Having been current for 109 years, they were issued for longer than any other form of U.S. paper money. They were known popularly as "greenbacks", a name inherited from the earlier greenbacks, the Demand Notes, that they replaced in 1862. Often termed Legal Tender Notes, they were named United States Notes by the First Legal Tender Act, which authorized them as a form of fiat currency. During the 1860s the so-called second obligation on the reverse of the notes stated:
This Note is a Legal Tender for all debts public and private except Duties on Imports and Interest on the Public Debt; and is receivable in payment of all loans made to the United States.
The Reserve Bank of India (RBI) is India's central bank and regulatory body and is responsible for the issue and supply of the Indian rupee and the regulation of the Indian banking system. It also manages the country's main payment systems and works to promote its economic development. Bharatiya Reserve Bank Note Mudran is one of the specialised divisions of RBI through which it mints Indian bank notes and coins. RBI established the National Payments Corporation of India as one of its specialised division to regulate the payment and settlement systems in India. Deposit Insurance and Credit Guarantee Corporation was established by RBI as one of its specialised division for the purpose of providing insurance of deposits and guaranteeing of credit facilities to all Indian banks.
The Indian rupee is the official currency of India. The rupee is subdivided into 100 paise, though as of 2019, coins of denomination of 1 rupee is the lowest value in use. 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 on the basis of the Reserve Bank of India Act, 1934.
In macroeconomics, an open market operation (OMO) is an activity by a central bank to give liquidity in its currency to a bank or a group of banks. The central bank can either buy or sell government bonds in the open market or, in what is now mostly the preferred solution, enter into a repo or secured lending transaction with a commercial bank: the central bank gives the money as a deposit for a defined period and synchronously takes an eligible asset as collateral.
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 history of the Rupee traces back to ancient Indian subcontinent. The mention of rūpya by Panini is seemingly the earliest reference in a text about coins. The term in Indian subcontinent was used for referring to a coin.
The Independent Treasury was the system for managing the money supply of the United States federal government through the U.S. Treasury and its sub-treasuries, independently of the national banking and financial systems. It was created on August 6, 1846 by the 29th Congress, with the enactment of the Independent Treasury Act of 1846. It was expanded with the creation of the national banking system in 1863. It functioned until the early 20th century, when the Federal Reserve System replaced it. During this time, the Treasury took over an ever-larger number of functions of a central bank and the U.S. Treasury Department came to be the major force in the U.S. money market.
Ireland has issued its own trading banknotes for several centuries, both when the whole of Ireland was one legal entity, and following partition of the island into the Republic of Ireland and Northern Ireland. Notes have been issued by individual banks and by state agencies of the Republic of Ireland and the United Kingdom.
The Revised Standard Reference Guide to Indian Paper Money is a 2012 book by Rezwan Razack and Kishore Jhunjhunwalla. The book is a comprehensive compilation of facts, milestones, and other details regarding paper money in India. It was published in India by Coins & Currencies. Kishore Jhunjhunwalla and Rezwan Razack are avid collectors of Indian currency. The book traces the evolution of Indian currency dating back to 1770. It captures the various nuances of modern-day currency as well as incidents that helped shape this sector over the years. The book is in its second edition—the first was authored by Jhunjhunwalla, whose collection was later purchased by Rezwan Razack. The revised edition was published after 10 years of research. The book was introduced to the public by Uma Shankar, Regional Director of the Reserve Bank of India on 13 January 2012.
Reserve Bank of India Act, 1934 is the legislative act under which the Reserve Bank of India was formed. This act along with the Companies Act, which was amended in 1936, were meant to provide a framework for the supervision of banking firms in India.
Bank of Hindostan (1770–1832), a now defunct bank, is considered as among the first modern banks in Colonial India.
The Currency Building is an early 19th-century building in the B. B. D. Bagh central business district of Kolkata in West Bengal, India. The building was originally built in 1833 to house the Calcutta branch of the Agra Bank. In 1868, it was converted for use by the Office of the Issue and Exchange of Government Currency, an office of the Controller of the Currency under the British Raj. From 1935 until 1937, the Reserve Bank of India (RBI) used the building as its first central office. The building remained in use, and was used at one time by the Central Public Works Department (CPWD) as a storehouse. Authorities decided to demolish it in 1994.
The General Bank of Bengal and Bihar was a bank founded in the year 1773 in British India. The bank was the third oldest bank in India. The bank became defunct March 31st, 1775.
The Bengal Bank was a bank founded in the year 1784 in British India. The bank was the fourth oldest bank in India.
The Union Bank was a bank founded in the year 1828 in British India by Prince Dwarkanath Tagore. The bank was the eleventh oldest bank in India.
The Paper Currency Act, 1861 is an act in India dating from the British colonial rule, that is currently no longer in force.
The Commercial Bank was a bank founded in the year 1819 in British India. The bank was the eighth oldest bank in India.
The Calcutta Bank was a bank founded in the year 1824 in British India. The bank was the ninth oldest bank in India.
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