| Type | Private sector |
|---|---|
| Industry | Banking, Insurance, Capital Markets and allied industries |
| Founded | 1 April 1795 as The British Bank of Madras |
| Defunct | 1 July 1843 |
| Fate | merged with the Bank of Madras |
| Successor | Bank of Madras |
| Headquarters | , |
Number of locations | Madras Presidency |
Area served | India |
| Products | Deposits, Personal Banking Schemes, C & I Banking Schemes, Agri Banking Schemes, SME Banking Schemes |
| Services | Banking, Trade Finance |
| Parent | State Bank of India |
The British Bank of Madras (1795) was a bank founded in the year 1795 in British India. The bank was the seventh oldest bank in India. [1]
The bank was eventually merged with the Bank of Madras in 1843. [2]
The British Bank of Madras was the second oldest bank founded in the Madras Presidency after the Carnatic Bank and served many cities in South India. [3]
The bank was founded and largely managed by European traders. They worked closely with the English East India Company. [4]
The bank was staffed by mostly British nationals who were drawn mainly from the East India Company. [5]
The bank had most of its offices and branches in the Madras Presidency. [3] [6] [7]
The bank was headquartered in George Town in Chennai. [8] [7]
The bank was one of four banks that were merged to form the Bank of Madras in 1843: the Madras Bank, the Carnatic Bank, The British Bank of Madras (1795), and the Asiatic Bank (1804). The Bank of Madras is one of the precursors of the Imperial Bank of India and eventually the State Bank of India. [3] [6] [7]
The bank is notable for being the seventh oldest bank in India. [1]
The bank is also notable for being one of the precursors of the State Bank of India, through its predecessors the Imperial Bank of India and the Bank of Madras. [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 43rd largest bank in the world 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.
Fort St. George is the first English fortress in India, founded in 1639 at the coastal city of Madras, the modern city of Chennai. The construction of the fort provided the impetus for further settlements and trading activity, in what was originally an uninhabited land. Thus, it is a feasible contention to say that the city evolved around the fortress. The fort currently houses the Tamil Nadu legislative assembly and other official buildings.
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 state of Tamil Nadu, and parts of Andhra Pradesh, Kerala, Karnataka, Telangana, 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 Cosmos Co-operative Bank Ltd., established in 1906, is one of the oldest Urban Co-operative Banks in India. Cosmos Bank celebrated its centenary on 18 January 2006. It is one of the first co-operative banks in the country to implement Core Banking System (CBS) across the entire network of its then 140 service outlets using Finacle-Infosys Core Banking Software. It also received an authorized dealer (AD) license from the Reserve Bank of India to become the third co-operative bank in India to have such a license in thirty years.
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.
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.
Chennai is home to many educational and research institutions. IIT Madras, located in South Chennai is considered as the premier centre of engineering education in India. Anna University and the University of Madras are the oldest state owned universities which are ranked among the best universities in India. The College of Engineering, Guindy and Madras Institute of Technology, which are the constituent college of Anna University along with Alagappa College of Technology are the pioneer institutes of engineering education in India. Some of the oldest medical colleges India, the Madras Medical College (1835) and Stanley Medical College (1938) are located in the city. Notable, liberal arts colleges in the city include Loyola College, Madras Christian College, Presidency College, Stella Maris College, Women's Christian College and Ethiraj College for Women.
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.
George Town is a neighbourhood in Chennai, Tamil Nadu, India. It is near the Fort Saint George, Chennai. It is also known as Muthialpet and Parry's corner. It is an historical area of Chennai city from where its expansion began in the 1640s. It extends from the Bay of Bengal in the east to Park town on the west. The Fort St. George is on the south, to Royapuram in the north. The Fort St. George houses the Tamil Nadu Legislative Assembly and the Secretariat. The High court of Tamil Nadu at Chennai, Dr. Ambedkar Law College, Stanley Medical College and Hospital are located here.
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.
Binny and Co is a shipping, textile, banking and insurance firm based in the city of Chennai, India. It is one of the oldest business firms in Chennai city.
The Carnatic Bank was a bank founded in the year 1788 in British India. The bank was the sixth oldest bank in India.
Borra Venkatappiah was an Indian banker and was the Chairman of State Bank of India from March 1962 until February 1965.
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.
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.
The Madras Bank (1683) was a bank founded in the year 1683 in British India. The bank was the one of the oldest banks 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.
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