The Union Bank (1828)
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| Company type | Private sector |
|---|---|
| Industry | Banking, Insurance, Capital Markets and allied industries |
| Founded | 1 April 1828 as The Union Bank |
| Founder | Dwarkanath Tagore |
| Defunct | 31 March 1848 |
| Fate | Defunct |
| Headquarters | , |
Number of locations | Bengal Presidency |
Area served | India |
Key people | Dwarkanath Tagore |
| Products | Deposits, Personal Banking Schemes, C & I Banking Schemes, Agri Banking Schemes, SME Banking Schemes |
| Services | Banking, Trade Finance |
The Union Bank was a bank founded in the year 1828 in British India by Prince Dwarkanath Tagore. The bank was the fourteenth oldest bank in India.[1]
Founding
In the 19th century India, Prince Dwarkanath Tagore owned his own trading firm Carr, Tagore and Company. He then separated the financial activities of his firm into a separate banking company. As a result, the Union Bank was founded in 1828.[2] The bank was formed by the merger of two other banks: The Commercial Bank and The Calcutta Bank.[3][4]
Dwarkanath was the very first Indian to become a director of an Indian bank. All of the previous Indian banks had European directors and founders.[5] Dwarkanath was assisted by his Parsi friend Rustomjee Cowasjee, a notable businessman.[6]
The bank collapsed in 1848.[7]
