| Company type | Private sector |
|---|---|
| Industry | Banking, Insurance, Capital Markets and allied industries |
| Founded | 1 April 1828 as The Union Bank |
| Founder | Dwarkanath Tagore |
| Defunct | 31 March 1848 |
| Fate | Defunct |
| Headquarters | , |
Number of locations | Bengal Presidency |
Area served | India |
Key people | Dwarkanath Tagore |
| Products | Deposits, Personal Banking Schemes, C & I Banking Schemes, Agri Banking Schemes, SME Banking Schemes |
| Services | Banking, Trade Finance |
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. [1]
In 19th century India, Prince Dwarkanath Tagore owned his own trading firm Carr, Tagore and Company. Prince Dwarkanath Tagore desired to separate the financial activities of his firm into a separate banking company. As a result of this, the Union Bank was founded in the year 1828. [2]
The Union Bank was formed by the merger of two other banks: The Commercial Bank and The Calcutta Bank. [3] [4]
Prince Dwarkanath Tagore was the very first Indian to become a director of an Indian bank. All of the previous Indian banks had European directors and founders. [5]
Prince Dwarkanath Tagore was assisted by his Parsi friend Rustomjee Cowasjee who was a successful businessman in his own right in the 19th century. [6]
The bank collapsed in the year 1848. Prince Dwarkanath Tagore eventually died in London and is currently buried in London. [7]
The bank is notable for being the fourteenth oldest bank in India. [1]
The bank's founder, Prince Dwarkanath Tagore is also equally notable for being the very first Indian to start and operate a bank in India. [8] [6]
Brahmo Samaj is the societal component of Brahmoism, which began as a monotheistic reformist movement that appeared during the Bengal Renaissance.
Gaganendranath Tagore was an Indian painter and cartoonist of the Bengal school. Along with his brother Abanindranath Tagore, he was counted as one of the earliest modern artists in India.
'Prince' Dwarkanath Tagore was one of the first Indian industrialists to form an enterprise with British partners. He was the son of Rammoni Tagore, and was given in adoption to Rammoni’s elder brother Ramlochan Tagore. He was the scion of the Tagore Family of Calcutta, father of Debendranath Tagore and grandfather of Rabindranath Tagore.
Kolkata, India, is largely inhabited by the ethnic community of the native Bengalis respectively. According to a report by the Indian Statistical Institute owned by the Government of India, the Kolkata city had a population of 4.5 million as of 2011 out of which the population of native Bengalis in Kolkata is almost 62% which comprised the majority of the city's population, whereas ethnic groups like Marwaris, Biharis and Urdu-speaking Muslims together forming 36% of the population which comes under the category of large minorities. Other Various micro-minority communities of Kolkata include as far as concerned follows -: Pathans, Marathis, Odias, Gujaratis, Sindhis, Kashmiris, Punjabis, Nepalis, Telugus, Tamils, Anglo-Indians, Iraqis, Jews, Armenians, Tibetans, Greeks, Parsis, Chinese, and Iraqis etc.
The Bank of Calcutta was founded on 2 June 1806, mainly to fund General Arthur 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.
Mutty Lall Seal was a businessman and philanthropist from India. Seal began his life as a bottle and cork dealer but later became very wealthy. He donated large sums of his wealth to charity and education. Seal and Ramdulal Sarkar, another shipping magnate, became part of the Bengali folklore as great merchant princes.
Brahmoism is a Hindu religious movement which originated from the mid-19th century Bengali Renaissance, the nascent Indian independence movement. Adherents, known as Brahmos, are mainly of Indian or Bangladeshi origin or nationality.
Adi Dharm refers to the religion of Adi Brahmo Samaj the first development of Brahmoism and includes those Sadharan Brahmo Samajists who were reintegrated into Brahmoism after the second schism of 1878 at the instance of Devendranath Tagore. This was the first organised casteless movement in British India and reverberated from its heart of Bengal to Assam, Bombay State, Punjab and Madras, Hyderabad, and Bangalore.
Sett is a Bengali surname, derived from "Shreshthi" . Shreshthis were the oldest known businessmen in northern India. The name was changed to "Shethi" during the medieval period. After the arrival of the East India Company in India, the surname was anglicised to "Sheth" and later to "Sett".
Dr. Dwarkanath Gooptu was one of the earliest practitioners of western medicine in Calcutta to have graduated from Bengal Medical College. He later went on to invent and patent an anti-periodic mixture prescribed to patients with malarial fever. He was among the earliest Vaidyas trained in the science of western medicine. He founded Messrs. D. Gooptu and Co. at the age of twenty-two and turned it into one of the most successful business enterprises in British India
Carr, Tagore and Company was the first equal partnership between European and Indian businessmen and the initiator of the managing agency system in India. The company was launched in 1834 by Dwarakanath Tagore in partnership with William Carr, an indigo trader of Kolkata. Dwarakanath played a leading role in the company, providing its capital, selecting its partners and directing its investment strategy throughout his life.
Rajkissore Dutt was a 19th-century Indian businessman, who is most notable for perpetrating a major fraud against the Bank of Bengal, which is one of the predecessors of the State Bank of India.
The General Bank of India was a bank founded in the 18th century and lasted till 1791.
The Bank of Bombay was the second oldest bank in India after The Madras Bank (1683). It was started in 1720, and lasted until 1770.
Alexander and Company, Limited, often simply called Alexander and Co., was an Agency House in British India founded by traders and merchants from Scotland. Alexander and Co. has made several pioneering contributions to the economy of India. Alexander and Co. was the promoter and founder of India's very first bank, the Bank of Hindostan.
Agency Houses in British India, were trading companies that arose in 17th and 18th century India during the Company rule in India.
The Commercial Bank was a bank founded in the year 1819 in British India. The bank was the eleventh oldest bank in India.
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 Mirzapore (1835) was a bank founded in the year 1835 in British India. The bank was the seventeenth oldest bank in India. It was liquidated in 1937.
The State Bank Archives and Museum is an initiative to document and preserve the history of banking in the Indian subcontinent. The archive and museum opened on 13 May 2007 in the State Bank of India (SBI) headquarters in Kolkata.
