| Company type | Public sector |
|---|---|
| Industry | Banking,Insurance,Capital Markets and allied industries |
| Founded | 1720 |
| Founder | East India Company |
| Defunct | 31 March 1770 (1770-03-31) |
| Fate | Defunct |
| Headquarters | , |
Number of locations | Bombay Presidency |
Area served | India |
| Products | Deposits,Personal Banking Schemes, C & I Banking Schemes, Agri Banking Schemes,SME Banking Schemes |
| Services | Loans, Deposits |
TheBank of Bombay was thesecond-oldest bank in India afterThe Madras Bank (1683). It was started in 1720, and lasted until 1770.[1][2]
The bank is one of the three oldest Banks in India, along withThe Madras Bank (1683) and theBank of Hindostan.[3][2]
The bank was founded in 1720. The initial capital of the bank was 100,000rupees and the amount was financed by theEast India Company.[4]
The bank was founded by the British employees of the East India Company in Bombay,Bombay Presidency. The Bank's initial headquarters were in theBombay Castle.[1][5]
The bank was staffed by mostly British nationals who were drawn mainly from the East India Company.[3][2][6]
The bank was managed by the government of theBombay Presidency.[4]
In the 1760s, the bank owned a sum of 28,00,000 rupees to its creditors. Moreover the assets mortgaged to the Bank had fallen into disrepair. The bank found itself in a precarious financial situation. The government of theBombay Presidency decided to write off the dues of the bank and establisha new bank with the same name to take its place.[4]
The Bank wound up its operations in 1770.[7][1]
The bank is chiefly notable for being onlythe second bank founded in India, making it older than all other Indian banks exceptThe Madras Bank (1683).[7][8][3][2]
In 1840,another bank of the same name was founded to take its place. However this 1840 bank has survived to the present day in the form of theState Bank of India, through its predecessor theImperial Bank of India.[9][2]
