Bank of Calcutta

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Bank of Bengal
Formerly called
Bank of Calcutta
Industry Banking, Financial Services
Fate Merged with Bank of Bombay and Bank of Madras
Successor Imperial Bank of India
Founded 2 June 1806
Defunct 27 January 1921
Headquarters Calcutta, Bengal, British India
Area served
British India
A bill of exchange processed by Bank of Bengal, 1886.

The Bank of Calcutta (a precursor to the present State Bank of India) 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.

The bank opened branches at Rangoon (1861), Patna (1862), Mirzapur (1862), and Benares (1862). When it became known that the bank intended to open a branch at Dacca, negotiations began that resulted in Bank of Bengal in 1862 amalgamating Dacca Bank (est. 1846).[1] A branch at Cawnpore followed.

The Bank of Calcutta, and the two other Presidency banks — the Bank of Bombay and the Bank of Madras — amalgamated on 27 January 1921 and the reorganized banking entity assumed the name Imperial Bank of India. The Reserve Bank of India, which is the central banking organization of India, in the year 1955, acquired a controlling interest in the Imperial Bank of India and the Imperial Bank of India was renamed on 30 April 1955 to the State Bank of India.

References and sources

References
  1. Banker's Magazine, Vol. 22, p.565-6.
Sources

Further reading

  • The Evolution of the State Bank of India, Volume 1 — The Roots 1806-1876 by Amiya Kumar Bagchi [1]


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