| Company type | Private sector |
|---|---|
| Industry | Banking,Insurance,Capital Markets and allied industries |
| Founded | 1 April 1784; 241 years ago (1784-04-01) as The Bengal Bank |
| Defunct | 31 March 1791 (1791-03-31) |
| Fate | Defunct |
| Headquarters | |
Number of locations | Bengal Presidency |
Area served | India |
| Products | Deposits,Personal Banking Schemes, C & I Banking Schemes, Agri Banking Schemes,SME Banking Schemes |
| Services | Banking, Trade Finance |
TheBengal Bank was a bank founded in 1784 inBritish India. The bank was thefifth oldest bank in India.[1]
The bank became defunct on March 31, 1791.[1]
The bank was established in 1784 by private entrepreneurs.[2]
The bank has played a major role in the early economic history ofEast Bengal andBangladesh.[3]
Although the bank was largely a private bank, it enjoyed patronage from the then government of India, theEast India Company.[2]
The bank was staffed by mostly British nationals who were drawn mainly from theEast India Company.[2]
The bank had most of its offices and branches inEast Bengal, which is present dayBangladesh.[2]
The bank lasted in business for only seven years and was finally closed in 1791.[1]
The bank also issued its own currency notes in its seven years of existence.[4][5]
The bank is notable for being thefifth oldest bank in India.[1] It is also notable for being one of the first institutions in India to issue its own paper banknotes or currency notes.[4][5]
The ability of private banks to issue their own currency notes was taken away byThe Paper Currency Act, 1861.[6][7]
The bank is also notable for being the very first bank in India to issue cheques and chequebooks to its customers. This innovation was later adopted by all other banks in India.[8][9]
