The Union Bank (1828)
| Company type | Private sector |
|---|---|
| Industry | Banking, Insurance, Capital Markets and allied industries |
| Founded | 1 April 1828 as The Union Bank |
| Founder | Dwarkanath Tagore |
| Defunct | 31 March 1848 |
| Fate | Defunct |
| Headquarters | , |
Number of locations | Bengal Presidency |
Area served | India |
Key people | Dwarkanath Tagore |
| Products | Deposits, Personal Banking Schemes, C & I Banking Schemes, Agri Banking Schemes, SME Banking Schemes |
| Services | Banking, Trade Finance |
The Union Bank was a bank founded in the year 1828 in British India by Prince Dwarkanath Tagore. The bank was the fourteenth oldest bank in India.[1]
History
Founding
In 19th century India, Prince Dwarkanath Tagore owned his own trading firm Carr, Tagore and Company. Prince Dwarkanath Tagore desired to separate the financial activities of his firm into a separate banking company. As a result of this, the Union Bank was founded in the year 1828.[2]
The Union Bank was formed by the merger of two other banks: The Commercial Bank and The Calcutta Bank.[3][4]
Management
Prince Dwarkanath Tagore was the very first Indian to become a director of an Indian bank. All of the previous Indian banks had European directors and founders.[5]
Prince Dwarkanath Tagore was assisted by his Parsi friend Rustomjee Cowasjee who was a successful businessman in his own right in the 19th century.[6]
Final years
The bank collapsed in the year 1848.[7]
See also
References
- ^ "Reserve Bank of India - Museum". rbi.org.in. Archived from the original on 20 October 2021. Retrieved 28 May 2021.
- ^ "Dwarakanath Tagore - India's Industrious Pioneer". 9 April 2018. Archived from the original on 12 August 2021. Retrieved 28 May 2021.
- ^ "Indian banking's chequered history". Gateway House. 3 May 2018. Archived from the original on 15 May 2018. Retrieved 28 May 2021.
- ^ N, Shivam (10 June 2016). "History of the Paper Currency in India: 3 Periods". Archived from the original on 17 August 2022. Retrieved 28 May 2021.
- ^ "Dwarkanath Tagore (1794-1864); Rabindranath's grandfather". The Scottish Centre of Tagore Studies. 5 February 2019. Archived from the original on 11 May 2021. Retrieved 28 May 2021.
- ^ "A friend of Dwarkanath Tagore, this Parsi Babu loved Calcutta". www.telegraphindia.com. Archived from the original on 2 August 2021. Retrieved 28 May 2021.
- ^ Paul, Aniek (22 August 2015). "The chequered history of Kolkata's banks". mint. Archived from the original on 27 May 2021. Retrieved 28 May 2021.
External links
- Oldest Banks in India
- History of the Bank
