General Bank of Bengal and Bihar

The General Bank of Bengal and Bihar (alternate spelling: General Bank of Bengal and Bahar) was a bank in British India that operated between 1773 and 1775.

General Bank of Bengal and Bihar
TypePrivate company
IndustryBanking, Insurance, Capital Markets and allied industries
Founded1 April 1773 (1773-04-01) as The General Bank of Bengal and Bihar
FounderWarren Hastings
Defunct31 March 1775 (1775-03-31)
FateDefunct
Headquarters
India
Number of locations
Bengal Presidency
Area served
India
Key people
Warren Hastings
ProductsDeposits, Personal Banking Schemes, C & I Banking Schemes, Agri Banking Schemes, SME Banking Schemes
ServicesBanking, Trade Finance

It was founded in the year 1773 when India was under control of the East India Company. The bank was the fourth oldest bank in India.[1] The bank became defunct March 31st, 1775 having operated for only two years.

History

Founding

The bank was established in 1773 by Warren Hastings, the very first Viceroy of India.[2]

During the early years of the British rule in India, a need was felt for a bank that would service the British employees of the East India Company. Many banks were founded as a result, and the General Bank of Bengal and Bihar was one such bank.[3]

Management

Although the bank was largely a private bank, it enjoyed patronage from the then government of India, the East India Company.[2]

The bank was staffed by mostly British nationals who were drawn mainly from the East India Company.[2][4]

Final Years

The bank lasted in business for only two years and was finally closed in 1775.[2]

The bank also issued its own currency notes in its two years of existence.[2]

Legacy

The bank is notable for being the fourth 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.[2]

The ability of private banks to issue their own currency notes was taken away by The Paper Currency Act, 1861.[5][6]

See also

References
  1. "Reserve Bank of India - Museum". rbi.org.in.
  2. "Early Bank Notes | Old Currency Bank Notes | Rare Bank Notes | Mintage World". www.mintageworld.com.
  3. "Evolution of the Indian banking System" (PDF). old.amu.ac.in. Retrieved 28 May 2021.
  4. "Building an Indian bank: PNB's Swadeshi roots". Hindustan Times. 7 April 2018.
  5. "Reserve Bank of India". www.rbi.org.in.
  6. "Reserve Bank of India - Museum". rbi.org.in.
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