Which Bank is called the 1st Swadeshi Bank in India?
By BYJU'S Exam Prep
Updated on: November 9th, 2023
The first Swadeshi bank in India was the Central Bank of India, established in 1911 and owned and managed by Indians. Since ancient times, the domestic banking system was prevalent in India. Traders called Shroff, Seth, Sahukar, Mahajan, Chetty, etc. have been in the banking business since ancient times. The founder of the bank, Sir Sorabji Pochkhanawala, saw the fulfillment of his ambition of creating a Central Bank of India.
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First 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. Western-style commercial banking in India dates back to the 18th century.
Since Calcutta was India’s busiest port for trade—largely because of the British Empire’s trade—it developed into a center for banking. Sir Pherozesha Mehta served as this bank’s first chairman. Many more Indian banks were established between 1906 and 1911. This was the era of the Swadeshi Movement in India.
- Some of the banks include the Bank of India, Corporation Bank, Indian Bank, Bank of Baroda, Canara Bank, and Central Bank of India.
- 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.
- These were India’s quasi-central banks for a while.
- The Bank of Bengal quickly took the name of the 1806-founded Bank of Calcutta.
- The Imperial Bank of India was founded in 1921 when these three banks merged.
- It is the modern-day State Bank of India.
- The name was changed in 1955, the year India attained independence.
- The State Bank of India is thus the oldest bank in India.
Summary:
Which bank is called the 1st Swadeshi bank in India?
The Swadeshi Bank of India, which was founded for the first time in India, is referred to as the Central Bank of India. These local bankers came in all shapes and sizes, from tiny moneylenders to enormous corporate shopkeepers who ran enormous, niche stores even larger than the banks.
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