The Bank of India (1828)
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| Company type | Private sector |
|---|---|
| Industry | Banking, insurance, capital markets and allied industries |
| Founded | 1 April 1828 as The Bank of India (1828) |
| Defunct | 31 March 1829 |
| Fate | defunct in 1829 |
| Headquarters | |
Number of locations | Bengal Presidency |
Area served | India |
| Products | Deposits, personal banking schemes, C & I banking schemes, agri banking schemes, SME banking schemes |
| Services | Banking, trade finance |
The Bank of India was a bank founded in the year 1828 in British India and was closed down one year later in 1829. It was the thirteenth oldest bank in India.[1]
Founding
Raj Kissen Dutt founded the bank in 1828.[2][unreliable source?] It closed down in 1829.[1] The bank played a major role in the early economic history of East Bengal and Bangladesh.[3]
Fate
The bank issued its own currency notes in its one year of existence.[4][unreliable source?][5][6] However, many of the currency notes issued by the bank were found to have been forged.[7][unreliable source?]
The bank closed and was liquidated in 1829.[8][9][unreliable source?]
Legacy
The bank is notable for being the thirteenth 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.[5][6] The Paper Currency Act, 1861, abolished the right of private banks to issue their own currency notes.[10][11]
