Banking Sector

cussing in India originated in the last decades of the 18th century. The startle beachs were The universal curse of India, which started in 1786, and Bank of Hindustan, which started in 1790; both atomic number 18 now defunct. The oldest bank in existence in India is the domiciliate Bank of India, which originated in the Bank of Calcutta in June 1806, which al most(prenominal) flavourless became the Bank of Bengal. This was one of the three presidency banks, the other gravel being the Bank of Bombay and the Bank of Madras, all three of which were forward under charters from the British East India Company. For many years the governing body activity banks acted as quasi-central banks, as did their successors. The three banks merged in 1921 to pains the Imperial Bank of India, which, upon Indias independence, became the State Bank of India in 1955 history Indian merchants in Calcutta realised the Union Bank in 1839, yet it failed in 1848 as a consequent of the econ omic crisis of 1848-49. The Allahabad Bank, established in 1865 and still functioning today, is the oldest common Stock bank in India.(Joint Stock Bank: A company that issues derivation and requires shareholders to be held liable for the companys debt) It was not the first though.

That honor belongs to the Bank of Upper India, which was established in 1863, and which survived until 1913, when it failed, with whatever of its assets and liabilities being transferred to the hamper Bank of Simla. When the American Civil war stopped the tack of cotton to Lancashire from the Confederate States, promoters open(a) banks to finance trade in Indian cotton. With large exposure to specul! ative ventures, most of the banks opened in India during that period fey and lost wager in keeping deposits with banks. Subsequently, banking in India remained the exclusive domain of Europeans for next several(prenominal) decades until the beginning of the 20th century. Foreign banks too started to arrive, particularly in Calcutta, in the 1860s. The Comptoire dEscompte de Paris opened a...If you want to get a full essay, order it on our website: BestEssayCheap.com

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