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{{Short description|Bank of British India}}
⚫
'''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]].
{{Use dmy dates|date=November 2015}}
{{Use Indian English|date=November 2015}}
{{Infobox company
| name = Bank of Madras
| logo =
| logo_caption =
| image = The Bank of Madras.jpeg
| image_caption = The Bank of Madras {{circa|1905}}
| former_name =
| type =
| industry = {{ubl|[[Banking]]|[[Financial services]]}}
| fate = Merged with [[Bank of Calcutta]] and [[Bank of Bombay]]
| successor = [[Imperial Bank of India]]
| foundation = 1 July 1843
| defunct = 27 January 1921
| founder =
| location_city = [[Madras]], [[Madras Presidency]]
| location_country = [[British India]]
| area_served = British India
| products =
| parent =
| subsid =
| homepage =
}}
⚫
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]].


==Origin==
==Origin==
⚫
In 1683, Governor [[William Gyfford]] (1681–1687) and his Council in Madras [[The Madras Bank (1683)|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.<ref name="TOI_BankingHeritageOfMadras"/>


⚫
The Bank of Madras was formed in 1843 as a joint stock company with a capital of Rupees 3 million by the amalgamation of [[The Madras Bank (1683)|Madras Bank]], [[Carnatic Bank (1788)|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]], [[Kozhikode|Calicut]], Tellicherry, [[Cochin]], [[Alappuzha|Alleppy]], Cocanada, [[Guntur]], Masulipatnam, [[Ootacamund]], [[Nagapatnam]], and [[Tuticorin]]. It also had a branch in [[Colombo]], [[British Ceylon]], now called [[Sri Lanka]].
⚫
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 government bank; the Madras Bank, which was sometimes called the Government Bank, began functioning from February 1, 1806.

⚫
The Bank of Madras was formed in 1843 as a joint stock company with a capital of Rs.3 million by the amalgamation of Madras Bank, Carnatic Bank (1788), 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]], [[Mangalore]], [[Calicut]], Tellicherry, [[Cochin]], [[Alappuzha|Alleppy]], Cocanada, [[Guntur]], Masulipatnam, [[Ootacamund]], [[Nagapatnam]], and [[Tuticorin]]. It also had a branch in [[Colombo]], [[British Ceylon]], now called [[Sri Lanka]].


==Activities==
==Activities==
⚫
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 bank|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.

⚫
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 bank|central banking authority]] during that time, also conducted certain functions that are ordinarily a preserve of a central bank. 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==
==Milestone==
⚫
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 {{INR}} 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 {{INR}} 300,000. The building is an exquisite example of [[Victorian architecture]]. Currently, the building houses several offices of [[State Bank of India]],<ref name="200YearsAndGoingStrong">{{cite news

| last = Kumar
⚫
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 [[Indian Rupee|Rs.]] 100,000 in 1895, building was designed by Col. Samuel Jacob, and suitably modified and adpted by [[Henry Irwin]] (1841-1922), and constructed by [[Namperumal Chetty]], a reputed builder, for Rs. 300,000. The building is an exquisite example of Victorian architecture. Currently, the building houses several Offices of [[State Bank of India]], Chennai.
| first = Shiv
| title = 200 years and going strong
| newspaper = The Tribune
| date = 26 June 2005
| url = http://www.tribuneindia.com/2005/20050626/spectrum/main1.htm
| access-date = 8 Oct 2012}}</ref> including its main city office.<ref name="TOI_BankingHeritageOfMadras">{{cite news
| last = Suresh
| first = S.
| title = The Banking Heritage of Madras
| newspaper = The Times of India
| location = Chennai
| publisher = The Times Group
| date = 3 November 2012
| url = http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOICH/2012/11/03&PageLabel=50&EntityId=Ar05001&ViewMode=HTML
| archive-url = https://web.archive.org/web/20130521054707/http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOICH/2012/11/03&PageLabel=50&EntityId=Ar05001&ViewMode=HTML
| url-status = dead
| archive-date = 21 May 2013
| access-date = 7 Nov 2012}}</ref>


==Epilogue==
==Epilogue==
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]].


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.
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==
==See also==
*[[Banking in India]]
*[[List of banks that have merged to form the State Bank of India]]


==References==
*[[Indian banking]]
{{reflist}}


==Further reading==
==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]


⚫
==External links==
⚫
*''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]
⚫
*[https://web.archive.org/web/20040828175913/http://www.newstodaynet.com/11may/ss2.htm Bank of Madras]


{{Banking in India}}
⚫
==External links==
{{SBI}}
⚫
*[http://newstodaynet.com/11may/ss2.htm Bank of Madras]
{{Chennai Topics}}


[[Category:Banks established in 1843]]
[[Category:Banks established in 1843]]
[[Category:Companies disestablished in 1921]]
[[Category:Banks disestablished in 1921]]
[[Category:Defunct banks of India]]
[[Category:Defunct banks of India]]
[[Category:1843 establishments in the United States]]
[[Category:1843 establishments in British India]]
[[Category:Heritage sites in Chennai]]
[[Category:Financial services companies based in Chennai]]
[[Category:Indian companies established in 1843]]
[[Category:1921 disestablishments in India]]

Latest revision as of 09:00, 30 April 2024

Bank of Madras
Industry
Founded1 July 1843
Defunct27 January 1921
FateMerged with Bank of Calcutta and Bank of Bombay
SuccessorImperial Bank of India
Headquarters
Madras, Madras Presidency
,
British India
Area served
British India

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.

Origin

[edit]

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 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

[edit]

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.

Milestone

[edit]

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]

Epilogue

[edit]

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.

See also

[edit]

References

[edit]
  1. ^ a b Suresh, S. (3 November 2012). "The Banking Heritage of Madras". The Times of India. Chennai: The Times Group. Archived from the original on 21 May 2013. Retrieved 7 November 2012.
  2. ^ Kumar, Shiv (26 June 2005). "200 years and going strong". The Tribune. Retrieved 8 October 2012.

Further reading

[edit]
  • THE EVOLUTION OF THE STATE BANK OF INDIA, Volume 1 – The Roots 1806-1876 by Amiya Kumar Bagchi [1]
[edit]
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