Bank of Bombay
Encyclopedia
Bank of Bombay was the second of the three presidency banks (others being the Bank of Calcutta
and the Bank of Madras
) of the Raj period
. It was established, pursuant to a charter of the British East India Company
, in the year 1868, about a decade after India's First War of Independence
. The bank was headquartered in Bombay, now called Mumbai
. The Bank of Bombay undertook all the normal activities which a commercial bank
was expected to undertake. The Bank of Madras, in the absence of any central banking authority
at that time, also conducted certain functions which are ordinarily a preserve of a central bank.
The Bank of Bombay, and two other Presidency banks, namely, the Bank of Calcutta and the Bank of Madras were amalgamated and the reorganized banking entity was named the Imperial Bank of India
on 27 January 1921. The Reserve Bank of India
, which is the central banking organization of India, in the year 1955, acquired a controlling interest in the Imperial Bank of India and the Imperial Bank of India was christened on 30 April 1955 as the State Bank of India.
Bank of Calcutta
The Bank of Calcutta was founded on June 2, 1806, mainly to fund General Wellesley's wars against Tipu Sultan and the Marathas...
and the Bank of Madras
Bank of Madras
The Bank of Madras, one of the three Presidency Banks, the other two being, the Bank of Bengal and the Bank of Bombay, was established on 1 July 1843, and was headquartered in Madras, now Chennai. It is now subsumed in the State Bank of India.-Origin:...
) of the Raj period
British Raj
British Raj was the British rule in the Indian subcontinent between 1858 and 1947; The term can also refer to the period of dominion...
. It was established, pursuant to a charter of the British East India Company
British East India Company
The East India Company was an early English joint-stock company that was formed initially for pursuing trade with the East Indies, but that ended up trading mainly with the Indian subcontinent and China...
, in the year 1868, about a decade after India's First War of Independence
Indian Rebellion of 1857
The Indian Rebellion of 1857 began as a mutiny of sepoys of the British East India Company's army on 10 May 1857, in the town of Meerut, and soon escalated into other mutinies and civilian rebellions largely in the upper Gangetic plain and central India, with the major hostilities confined to...
. The bank was headquartered in Bombay, now called Mumbai
Mumbai
Mumbai , formerly known as Bombay in English, is the capital of the Indian state of Maharashtra. It is the most populous city in India, and the fourth most populous city in the world, with a total metropolitan area population of approximately 20.5 million...
. The Bank of Bombay undertook all the normal activities which a commercial bank
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
was expected to undertake. The Bank of Madras, in the absence of any central banking authority
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
at that time, also conducted certain functions which are ordinarily a preserve of a central bank.
The Bank of Bombay, and two other Presidency banks, namely, the Bank of Calcutta and the Bank of Madras were amalgamated and the reorganized banking entity was named the Imperial Bank of India
Imperial Bank of India
The Imperial Bank of India was the oldest and the largest commercial bank of the Indian subcontinent, and was subsequently transformed into State Bank of India in 1955.-Origin:...
on 27 January 1921. The Reserve Bank of India
Reserve Bank of India
The Reserve Bank of India is the central banking institution of India and controls the monetary policy of the rupee as well as US$300.21 billion of currency reserves. The institution was established on 1 April 1935 during the British Raj in accordance with the provisions of the Reserve Bank of...
, which is the central banking organization of India, in the year 1955, acquired a controlling interest in the Imperial Bank of India and the Imperial Bank of India was christened on 30 April 1955 as the State Bank of India.
Further reading
- THE EVOLUTION OF THE STATE BANK OF INDIA, Volume 1 — The Roots 1806-1876 by Amiya Kumar Bagchi http://www.hindu.com/br/2007/04/03/stories/2007040300301600.htm