The Bengal Bank was a bank founded in 1784 in
British India
The provinces of India, earlier presidencies of British India and still earlier, presidency towns, were the administrative divisions of British governance in South Asia. Collectively, they have been called British India. In one form or another ...
. The bank was the
fifth oldest bank in India.
The bank became defunct on March 31, 1791.
History
Founding
The bank was established in 1784 by private entrepreneurs.
The bank has played a major role in the early economic history of
East Bengal
East Bengal (; ''Purbô Bangla/Purbôbongo'') was the eastern province of the Dominion of Pakistan, which covered the territory of modern-day Bangladesh. It consisted of the eastern portion of the Bengal region, and existed from 1947 until 195 ...
and
Bangladesh
Bangladesh, officially the People's Republic of Bangladesh, is a country in South Asia. It is the List of countries and dependencies by population, eighth-most populous country in the world and among the List of countries and dependencies by ...
.
Management
Although the bank was largely a private bank, it enjoyed patronage from the then government of India, the
East India Company
The East India Company (EIC) was an English, and later British, joint-stock company that was founded in 1600 and dissolved in 1874. It was formed to Indian Ocean trade, trade in the Indian Ocean region, initially with the East Indies (South A ...
.
The bank was staffed by mostly British nationals who were drawn mainly from the
East India Company
The East India Company (EIC) was an English, and later British, joint-stock company that was founded in 1600 and dissolved in 1874. It was formed to Indian Ocean trade, trade in the Indian Ocean region, initially with the East Indies (South A ...
.
The bank had most of its offices and branches in
East Bengal
East Bengal (; ''Purbô Bangla/Purbôbongo'') was the eastern province of the Dominion of Pakistan, which covered the territory of modern-day Bangladesh. It consisted of the eastern portion of the Bengal region, and existed from 1947 until 195 ...
, which is present day
Bangladesh
Bangladesh, officially the People's Republic of Bangladesh, is a country in South Asia. It is the List of countries and dependencies by population, eighth-most populous country in the world and among the List of countries and dependencies by ...
.
Final years
The bank lasted in business for only seven years and was finally closed in 1791.
The bank also issued its own currency notes in its seven years of existence.
Legacy
The bank is notable for being the
fifth oldest bank in India.
It is also notable for being one of the first institutions in India to issue its own paper banknotes or currency notes.
The ability of private banks to issue their own currency notes was taken away by
The Paper Currency Act, 1861
The Paper Currency Act, 1861 is an act in India dating from the British colonial rule, that is currently no longer in force.
Background
Before the passing of the Act, there were a number of commercial banks in India which issued their own ban ...
.
The bank is also notable for being the very first bank in India to issue cheques and chequebooks to its customers. This innovation was later adopted by all other banks in India.
See also
*
Indian banking
Modern banking in India originated in the mid of 18th century. Among the first banks were the Bank of Hindustan, which was established in 1770 and liquidated in 1829–32; and the General Bank of India, established in 1786 but failed in 1791. ...
*
List of banks in India
This is a list of banks which are considered to be Scheduled Banks under the second schedule of RBI Act, 1934.
As of 1st May 2025, India's commercial banking sector consist of 12 public sector banks (PSBs), 21 private sector banks (PVBs), 44 ...
*
List of oldest banks in India
This list of the oldest banks in Indian subcontinent includes financial institutions that were founded in the 18th and 19th centuries. Listed are the forty oldest banks in India, which includes all financial institutions founded prior to 1850.
...
References
External links
Oldest Banks in IndiaBanking in India
{{DEFAULTSORT:Bengal Bank
Defunct banks of India
Companies based in Kolkata
Banks established in 1784