Bank is a financial Institution that receives
deposits from public and give them interest on it.Bank lends this money to
others for investment purpose to generate the interest.
In India banking system was started by money lenders and
bankers since Mughal Period.
In 18th century modern banking system was
started by British East India Company with few agency houses.
Agency houses were accepting deposits from public and
lending the money to the East India Company for monetary purpose.
First bank in India was established by Alexgendria &
Company, its name was “Bank of Hindustan”
in 1770 and it was closed in 1806.
With the end of company commercial rights, agency house were
dissolved in the year 1813, resulting in the formation of 3 Presidency banks.
Presidency Bank –
1) Bank of Bengal in year 1806
2) Bank of
Bombay in the year 1840
3) Bank of Madras
in the year 1842
In 1862 government had withdrawn the rights to lend on fixed
assets.
No comments:
Post a Comment