Which bank is called the 1st Swadeshi bank in India?

By Ritesh|Updated : September 7th, 2022

The 1st Swadeshi bank in India was the Central Bank of India, established in 1911 and owned and managed by Indians.

  • From ancient times, the domestic banking system prevailed in India.
  • Merchants called Shroffs, Seths, Sahukars, Mahajans, Chettis, etc., have been in the banking business since ancient times.

1st Swadeshi Bank in India

These indigenous bankers ranged from very small moneylenders to huge corporate shopkeepers who ran larger and more specialized stores than the banks.

  • Indian commercial banking in the Western manner stretches back to the 18th century.
  • Calcutta developed as a banking hub since it was India's busiest port for trade, mainly because of the British Empire's trade.
  • The bank's founder, Sir Sorabji Pochkhanawala, saw his ambition of creating the Central Bank of India come fulfilled.
  • The First chairman of this bank was Sir Pherozesha Mehta.
  • From 1906-1911, many more Indian banks were founded.
  • In India, this was the time of the Swadeshi Movement. Bank of India, Corporation Bank, Indian Bank, Bank of Baroda, Canara Bank, and Central Bank of India are a few of the banks.
  • Under the authority of the British East India Company, the Bank of Calcutta, the Bank of Bombay, and the Bank of Madras was formed as Presidency Banks.
  • For a long time, these served as quasi-central banks in India.
  • The 1806-founded Bank of Calcutta soon changed its name to the Bank of Bengal.
  • These three banks joined in 1921 to form the Imperial Bank of India.
  • It is the State Bank of India of today.
  • After India gained its independence in 1955, the name was altered.
  • Hence the oldest Indian bank is the State Bank of India.

Summary:

Which bank is called the 1st Swadeshi bank in India?

The Central bank of India is considered the Swadeshi bank of India, which was created for the first time in the country.

  • These native bankers ranged in size from little moneylenders to enormous corporate shopkeepers who operated vast, niche stores even larger than the banks.
  • The bank's founder, Sir Sorabji Pochkhanawala

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