| Type | Private sector |
|---|---|
| Industry | Banking, Insurance, Capital Markets and allied industries |
| Founded | 21 June 1683 as The Madras Bank (1683) |
| 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 Madras Bank (1683) was a bank founded in the year 1683 in British India. The bank was the oldest bank in India. [1]
The bank was eventually merged with the Bank of Madras in 1843. [2]
The Madras Bank (1683) was founded on 21 June 1683. [3] [4] [5]
The Madras Bank (1683) was the oldest bank founded in the Madras Presidency making it even older than the Carnatic Bank, The British Bank of Madras (1795) and The Asiatic Bank and served many cities in South India. [4] [6] [3] [5]
The bank was founded and largely managed by European traders. They worked closely with the English East India Company. [7] [3] [5]
The bank was staffed by mostly British nationals who were drawn mainly from the East India Company. [8]
The bank had most of its offices and branches in the Madras Presidency. [6] [3] [9]
The bank was headquartered in George Town in Chennai. [4] [9]
In 1806, the bank was on the verge of failure and was closed and restarted with the same name as Madras Bank. [3] [4]
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. [6] [3] [9] [5]
The bank is notable for being the oldest bank in India. [1] [5]
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] [5]
Chennai, formerly known as Madras, is the capital city of Tamil Nadu, the southernmost Indian state. It is the state's primate city both in area and population and is located on the Coromandel Coast of the Bay of Bengal. According to the 2011 Indian census, Chennai is the sixth-most populous city in India and forms the fourth-most populous urban agglomeration. The Greater Chennai Corporation is the civic body responsible for the city; it is the oldest city corporation of India, established in 1688—the second oldest in the world after London.
State Bank of India (SBI) is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra. SBI is the 49th 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 fifth largest employer in India with nearly 250,000 employees. On 14 September 2022, State Bank of India became the third lender and seventh Indian company to cross the ₹ 5-trillion market capitalisation on the Indian stock exchanges for the first time.
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 all of the Indian state of Andhra State, almost all of Tamil Nadu and some parts of Kerala, Karnataka, Odisha. The city of Madras was the winter capital of the presidency and Ooty was 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 became a separate Crown colony. Madras Presidency was neighboured by the Kingdom of Mysore on the northwest, Kingdom of Cochin on the southwest, Kingdom of Pudukkottai in the center, 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.
Chennai, formerly known as Madras, is the capital of the state of Tamil Nadu and is India's fifth largest city. It is located on the Coromandel Coast of the Bay of Bengal. With an estimated population of 8.9 million (2014), the 383-year-old city is the 31st largest metropolitan area in the world.
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.
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The provinces of India, earlier presidencies of British India and still earlier, presidency towns, were the administrative divisions of British governance on the Indian subcontinent. Collectively, they have been called British India. In one form or another, they existed between 1612 and 1947, conventionally divided into three historical periods:
Diwan Bahadur Sir Satappa Ramanatha Muttaiya Annamalai Chettiar, Raja of ChettinadKCSI was an Indian industrialist, banker, educationist and philanthropist from Tamil Nadu. He is the founder of Annamalai University in Chidambaram and one of the founders of Indian Bank, along with his brother S. Rm. M. Ramaswami Chettiar.
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 tenth oldest bank in India and was renamed Bank of Bengal on 2 January 1809.
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.
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The Carnatic Bank was a bank founded in the year 1788 in British India. The bank was the seventh oldest bank in India.
The Government Savings Bank (1833) was a bank founded in the year 1833 in British India. 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 Asiatic Bank (1804) was a bank founded in the year 1804 in British India. The bank was the ninth oldest bank in India.
The Bank of Upper India (1863) was a bank founded in the year 1863 in British India. The bank became defunct in the year 1913, when it was acquired by the Alliance Bank of Simla.
The Punjab Banking Company (1889) was a bank founded in the year 1889 in British India. The bank became defunct in the year 1916, when it was acquired by the Alliance Bank of Simla.
