| Company type | Private sector |
|---|---|
| Industry | Banking,Insurance,Capital Markets and allied industries |
| Founded | 1 April 1824; 201 years ago (1824-04-01) as The Calcutta Bank (1824) |
| Defunct | 31 March 1828 (1828-03-31) |
| Fate | merged withThe Commercial Bank (1819) to formThe Union Bank (1828) in 1828 |
| 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 |
TheCalcutta Bank was a bank founded in the year 1824 inBritish India. The bank was thetwelfth oldest bank in India.[1]
The bank was merged withThe Commercial Bank (1819) to formThe Union Bank (1828) in 1828. The Union Bank itself became defunct in 1848.[1]
The bank was established in 1824 by the Britishagency house ofPalmer and Company.[2][3]
The bank played a major role in the early economic history ofEast Bengal andBangladesh.[4]
Although the bank was largely a private bank, it enjoyed patronage from the then government of India, theEast India Company.[citation needed]
The bank was staffed by mostly British nationals who were drawn mainly from theEast India Company.[citation needed]
The bank had most of its offices and branches inEast Bengal, which is the present dayBangladesh.[citation needed]
The bank lasted in business for only four years and was finally merged withThe Commercial Bank (1819) to formThe Union Bank (1828) in 1828. In 1828, there was an economic crisis which forced aBank run on the bank and precipitated the merger withThe Commercial Bank (1819) to formThe Union Bank (1828) in 1828.[3][1][5][unreliable source?]
The bank also issued its own currency notes in its four years of existence.[5][unreliable source?][6][7]
The total value of the banknotes issued by the bank is estimated to be around Rupees 20 lakhs.[5][unreliable source?]
The bank is notable for being thetwelfth 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.[6][7][3]
The ability of private banks to issue their own currency notes was taken away byThe Paper Currency Act, 1861.[8][9]
