Bank of Calcutta

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 as the State Bank of India.

References and sources

References

↑ Banker's Magazine, Vol. 22, p.565-6.

Sources

"200 years and going strong". The Tribune. Retrieved 2006-09-08.

Banking in India

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Bank of Calcutta

References and sources

Further reading