The Bank of Madras was one of the three Presidency Banks of British India, along with the Bank of Bengal and the Bank of Bombay. It was established on 1 July 1843 through the amalgamation of a number of existing regional banks and headquartered in Madras (now Chennai). It was merged with the other Presidency banks in 1921 to form the Imperial Bank of India, which later became the State Bank of India.
In 1683, Governor William Gyfford (1681–1687) and his Council in Madras established a bank. In 1805, Governor Sir William Bentinck convened a Finance Committee that recommended the formation of a First government bank in India; the Madras Bank, which was sometimes called the Government Bank amalgamated Lord Krishna Bank, began functioning from 1 February 1806. It initially functioned from the Exchange Building—the building housing the present Fort Museum—within Fort St. George.[1]
The Bank of Madras undertook all the normal activities that are common to a commercial bank. The Bank of Madras, in the absence of any central banking authority during that time, also conducted certain functions that are ordinarily a preserve of a central bank. It also issued banknotes in the Madras Presidency. These included managing the banking business of the Presidency of Madras and offices of the colonial government of India located in South India, and managing the Public Debt Office of the Government of Madras.
Milestoneedit
The head office of the Bank of Madras was shifted to a new building, on South Beach Road, Madras, in 1897. The site was acquired for ₹ 100,000 in 1895, building was designed by Col. Samuel Jacob, and suitably modified and adapted by Henry Irwin (1841–1922), and constructed by Namperumal Chetty, a reputed builder, for ₹ 300,000. The building is an exquisite example of Victorian architecture. Currently, the building houses several offices of State Bank of India,[2] including its main city office.[1]
Epilogueedit
The Bank of Madras merged with the two other Presidency banks—the Bank of Calcutta and the Bank of Bombay—on 27 January 1921 and the reorganized banking entity took on the name Imperial Bank of India. In 1955, the Reserve Bank of India, which is the central banking organization of India, acquired a controlling interest in the Imperial Bank of India. On 30 April 1955, the Imperial Bank of India became the State Bank of India.
^ abSuresh, S. (3 November 2012). "The Banking Heritage of Madras". The Times of India. Chennai: The Times Group. Retrieved 7 November 2012.
^Kumar, Shiv (26 June 2005). "200 years and going strong". The Tribune. Retrieved 8 October 2012.
Further readingedit
THE EVOLUTION OF THE STATE BANK OF INDIA, Volume 1 – The Roots 1806-1876 by Amiya Kumar Bagchi [1]
External linksedit
November 25, 2023
bank, madras, three, presidency, banks, british, india, along, with, bank, bengal, bank, bombay, established, july, 1843, through, amalgamation, number, existing, regional, banks, headquartered, madras, chennai, merged, with, other, presidency, banks, 1921, fo. The Bank of Madras was one of the three Presidency Banks of British India along with the Bank of Bengal and the Bank of Bombay It was established on 1 July 1843 through the amalgamation of a number of existing regional banks and headquartered in Madras now Chennai It was merged with the other Presidency banks in 1921 to form the Imperial Bank of India which later became the State Bank of India Bank of MadrasThe Bank of Madras c 1905IndustryBankingFinancial servicesFounded1 July 1843Defunct27 January 1921FateMerged with Bank of Calcutta and Bank of BombaySuccessorImperial Bank of IndiaHeadquartersMadras Madras Presidency British IndiaArea servedBritish India Contents 1 Origin 2 Activities 3 Milestone 4 Epilogue 5 See also 6 References 7 Further reading 8 External linksOrigin editIn 1683 Governor William Gyfford 1681 1687 and his Council in Madras established a bank In 1805 Governor Sir William Bentinck convened a Finance Committee that recommended the formation of a First government bank in India the Madras Bank which was sometimes called the Government Bank amalgamated Lord Krishna Bank began functioning from 1 February 1806 It initially functioned from the Exchange Building the building housing the present Fort Museum within Fort St George 1 The Bank of Madras was formed in 1843 as a joint stock company with a capital of Rupees 3 million by the amalgamation of Madras Bank Carnatic Bank The British Bank of Madras 1795 and The Asiatic Bank 1804 Bank of Madras had a branch network spread into all the major cities and trade centers of South India including Bangalore Coimbatore Madurai Mangalore Calicut Tellicherry Cochin Alleppy Cocanada Guntur Masulipatnam Ootacamund Nagapatnam and Tuticorin It also had a branch in Colombo British Ceylon now called Sri Lanka Activities editThe Bank of Madras undertook all the normal activities that are common to a commercial bank The Bank of Madras in the absence of any central banking authority during that time also conducted certain functions that are ordinarily a preserve of a central bank It also issued banknotes in the Madras Presidency These included managing the banking business of the Presidency of Madras and offices of the colonial government of India located in South India and managing the Public Debt Office of the Government of Madras Milestone editThe head office of the Bank of Madras was shifted to a new building on South Beach Road Madras in 1897 The site was acquired for 100 000 in 1895 building was designed by Col Samuel Jacob and suitably modified and adapted by Henry Irwin 1841 1922 and constructed by Namperumal Chetty a reputed builder for 300 000 The building is an exquisite example of Victorian architecture Currently the building houses several offices of State Bank of India 2 including its main city office 1 Epilogue editThe Bank of Madras merged with the two other Presidency banks the Bank of Calcutta and the Bank of Bombay on 27 January 1921 and the reorganized banking entity took on the name Imperial Bank of India In 1955 the Reserve Bank of India which is the central banking organization of India acquired a controlling interest in the Imperial Bank of India On 30 April 1955 the Imperial Bank of India became the State Bank of India See also editBanking in IndiaReferences edit a b Suresh S 3 November 2012 The Banking Heritage of Madras The Times of India Chennai The Times Group Retrieved 7 November 2012 Kumar Shiv 26 June 2005 200 years and going strong The Tribune Retrieved 8 October 2012 Further reading editTHE EVOLUTION OF THE STATE BANK OF INDIA Volume 1 The Roots 1806 1876 by Amiya Kumar Bagchi 1 External links editBank of Madras Retrieved from https en wikipedia org w index php title Bank of Madras amp oldid 1139067318, wikipedia, wiki, book, books, library,
