| Company type | Private sector |
|---|---|
| Industry | Banking, Insurance, Capital Markets and allied industries |
| Founded | 1 April 1819 as The Commercial Bank (1819) |
| Defunct | 31 March 1828 |
| Fate | merged with The Calcutta Bank (1824) to form The Union Bank (1828) in 1828 |
| 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 Commercial Bank was a bank founded in the year 1819 in British India. The bank was the eleventh oldest bank in India. [1]
The bank was merged with The Calcutta Bank (1824) to form The Union Bank (1828) in 1828. Further, The Union Bank itself became defunct in 1848. [1]
The bank was established in 1819 by the British agency house of Mackintosh & Co. [2] [3]
The bank played a major role in the early economic history of East Bengal and Bangladesh. [4]
Although the bank was largely a private bank, it enjoyed patronage from the then government of India, the East India Company.[ citation needed ]
The bank was staffed by mostly British nationals who were drawn mainly from the East India Company.[ citation needed ]
The bank had most of its offices and branches in East Bengal, which is the present day Bangladesh.[ citation needed ]
The bank lasted in business for only nine years and was finally merged with The Calcutta Bank (1824) to form The Union Bank (1828) in 1828. In 1828, there was an economic crisis which forced a Bank run on the bank and precipitated the merger with The Calcutta Bank (1824) to form The Union Bank (1828) in 1828. [1] [5] [ unreliable source? ]
The bank also issued its own currency notes in its nine years of existence. [5] [ unreliable source? ] [6] [7]
The total value of the banknotes issued by the bank is estimated to be around Rupees 16 lakhs. [5] [ unreliable source? ]
The bank is notable for being the eleventh 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. [6] [7] [3]
The ability of private banks to issue their own currency notes was taken away by The Paper Currency Act, 1861. [8] [9]
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Bank of Hindostan (1770–1832), a now defunct bank, was the third oldest bank in India.
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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 in British India that operated between 1773 and 1775.
The Bengal Bank was a bank founded in 1784 in British India. The bank was the fifth 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 fourteenth 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.
Many European trading companies came to India's during the 18th century. These trading companies set up private banks which issued paper currencies in Indian subcontinent first. But these notes were text-based. Charles Canning, 1st Earl Canning first introduced paper currency in Indian subcontinent in 1861 officially.
The Calcutta Bank was a bank founded in the year 1824 in British India. The bank was the twelfth oldest bank in India.
The Bank of India was a bank founded in the year 1828 in British India and was closed down one year later in 1829. It was the thirteenth oldest bank in India.
