Old Bank: This is India’s oldest bank, its name and identity have changed over time; who started it?

There are 12 public sector banks and 21 private sector banks in India. The first bank in India was The Madras Bank, founded in 1683. In 1806, the bank was on the verge of closure but was revived as the Madras Bank. Later, it merged with the Bank of Madras.

Add businessleague.in as a Preferred Source

New Delhi. Currently, India has 12 public sector banks (PSBs) and approximately 21 private sector banks. The commercial banking sector also includes foreign banks, small finance banks, and payments banks. PSBs are government-owned, such as SBI, PNB, and Bank of Baroda, while HDFC Bank and ICICI Bank are private sector banks.
In addition, several regional rural banks and cooperative banks also operate in India. But do you know which is the oldest bank among these? Let us explain.

Which was the first bank of India?

• The Madras Bank was the first bank in India, started by European businessmen in 1683.
• In 1806, the Madras Bank was on the verge of closure and was re-opened under the name Madras Bank.
• Ultimately, in 1843, this bank was merged with the Bank of Madras.
• The Bank of Madras was then merged with the Bank of Calcutta and the Bank of Bombay in 1921 to form the Imperial Bank of India.
• The Imperial Bank of India was renamed as State Bank of India in 1955.
• State Bank of India has been doing business under this name for 70 years.

Where was the headquarters of The Madras Bank?

The Madras Bank was founded and largely managed by European businessmen who worked closely with the British East India Company. The bank’s employees were mostly British citizens, primarily drawn from the East India Company. Most of its offices and branches were located in the Madras Presidency, with its headquarters in George Town, Chennai.

Read More: Credit Cards: Why do banks offer so many credit cards? How do they earn money? Learn all the details here.

Add businessleague.in as a Preferred Source