The Bank of Madras was one of the three Presidency Banks of British India, along with the Bank of Bengal and the Bank of Bombay. It was established on 1 July 1843 through the amalgamation of a number of existing regional banks and headquartered in Madras (now Chennai). It was merged with the other Presidency banks in 1921 to form the Imperial Bank of India, which later became the State Bank of India.

Origin

In 1683, Governor William Gyfford (1681–1687) and his Council in Madras established a bank. In 1805, Governor Sir William Bentinck convened a Finance Committee that recommended the formation of a First government bank in India; the Madras Bank, which was sometimes called the Government Bank amalgamated Lord Krishna Bank, began functioning from 1 February 1806. It initially functioned from the Exchange Building—the building housing the present Fort Museum—within Fort St. George. including its main city office.

Epilogue

The Bank of Madras merged with the two other Presidency banks—the Bank of Calcutta and the Bank of Bombay—on 27 January 1921 and the reorganized banking entity took on the name Imperial Bank of India.

In 1955, the Reserve Bank of India, which is the central banking organization of India, acquired a controlling interest in the Imperial Bank of India. On 30 April 1955, the Imperial Bank of India became the State Bank of India.

See also

  • Banking in India
  • List of banks that have merged to form the State Bank of India

References

Further reading

  • THE EVOLUTION OF THE STATE BANK OF INDIA, Volume 1 – The Roots 1806-1876 by Amiya Kumar Bagchi [http://www.hindu.com/br/2007/04/03/stories/2007040300301600.htm]
  • Bank of Madras