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Created First Data W/ Sources

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{{Short description|Bank established in India in 1824}}
{{distinguish|Bank of Calcutta}}
{{Use Indian English|date=October 2021}}
{{Use dmy dates|date=October 2021}}
{{Infobox company
| name = The Calcutta Bank (1824)
| logo =
| native_name =
| type = [[Private sector]]
| traded_as =
| industry = [[Banking]], [[Insurance]], [[Capital Markets]] and allied industries
| genre = 
| fate = merged with [[The Commercial Bank (1819)]] to form [[The Union Bank (1828)]] in 1828
| predecessor =
| successor =
| foundation = {{Start date and age|1824|04|01|df=yes|br=yes}} as The Calcutta Bank (1824)
| founder =
| defunct = {{End date|df=yes|1828|03|31}}
| location_city =
| locations = [[Bengal Presidency]]
| area_served = [[India]]
| key_people =
| products = [[Deposit (finance)|Deposits]], [[Personal banking|Personal Banking Schemes]], C & I Banking Schemes, Agri Banking Schemes, [[Small and medium enterprises|SME Banking Schemes]]
| production =
| services = Banking, Trade Finance
| revenue =
| operating_income =
| net_income =
| aum = 
| assets =
| equity =
| owner =
| num_employees =
| parent =
| divisions =
| subsid =
| footnotes =
| location_country = [[India]]
| homepage =
}}

The '''Calcutta Bank''' was a bank founded in the year 1824 in [[Company rule in India|British India]]. The bank was the [[List of oldest banks in India|twelfth oldest bank in India]].<ref name="auto1">{{cite web |title=Reserve Bank of India - Museum |url=https://rbi.org.in/scripts/ms_banks.aspx |website=rbi.org.in |access-date=20 October 2021 |archive-date=20 October 2021 |archive-url=https://web.archive.org/web/20211020132511/https://rbi.org.in/scripts/ms_banks.aspx |url-status=live }}</ref>

The bank was merged with [[The Commercial Bank (1819)]] to form [[The Union Bank (1828)]] in 1828. The Union Bank itself became defunct in 1848.<ref name="auto1"/>

== History ==

=== Founding ===

The bank was established in 1824 by the British [[Agency Houses in British India|agency house]] of [[Palmer and Company]].<ref>{{Cite web | title=History of Banking | url=https://lkouniv.ac.in/site/writereaddata/siteContent/202004051341563589anurag_sriv_History_banking.pdf | archive-url=https://web.archive.org/web/20210527095430/https://lkouniv.ac.in/site/writereaddata/siteContent/202004051341563589anurag_sriv_History_banking.pdf |archive-date=27 May 2021 }}</ref><ref name="insa.nic.in">{{Cite web | url=https://insa.nic.in/writereaddata/UpLoadedFiles/IJHS/Vol17_1_8_EGKRao.pdf | title=Development of banking institutions in India in the eighteenth-nineteenth century | archive-url=https://web.archive.org/web/20220616074523/https://insa.nic.in/writereaddata/UpLoadedFiles/IJHS/Vol17_1_8_EGKRao.pdf |archive-date=16 June 2022 }}</ref>

The bank played a major role in the early economic history of [[East Bengal]] and [[Bangladesh]].<ref>{{Cite web|url=https://m.theindependentbd.com/home/printnews/143488|title=Banking in Bangladesh | Independent|website=m.theindependentbd.com|access-date=20 October 2021|archive-date=20 October 2021|archive-url=https://web.archive.org/web/20211020132514/https://m.theindependentbd.com/home/printnews/143488|url-status=live}}</ref>

=== Management ===

Although the bank was largely a private bank, it enjoyed patronage from the then government of India, the [[East India Company]].{{Citation needed|date=December 2021}}

The bank was staffed by mostly British nationals who were drawn mainly from the [[East India Company]].{{Citation needed|date=December 2021}}

The bank had most of its offices and branches in [[East Bengal]], which is the present day [[Bangladesh]].{{Citation needed|date=December 2021}}

=== Final years ===

The bank lasted in business for only four years and was finally merged with [[The Commercial Bank (1819)]] to form [[The Union Bank (1828)]] in 1828. In 1828, there was an economic crisis which forced a [[Bank run]] on the bank and precipitated the merger with [[The Commercial Bank (1819)]] to form [[The Union Bank (1828)]] in 1828.<ref name="insa.nic.in"/><ref name="auto1"/><ref name="auto3">{{Cite book|url=https://books.google.com/books?id=R6NRMzvltFkC&dq=%22The+Commercial+Bank%22+1819&pg=PA70|title=A Comprehensive Guide of Early Paper Money of India (1770–1861 A.D.): (1770–1861 A.D.)|isbn=9781469166285|author1=Nilaish|date=28 March 2012}}</ref>{{unreliable source?|date=December 2021|reason=This is a hidden Xlibris link, a vanity publisher}}

The bank also issued its own currency notes in its four years of existence.<ref name="auto3"/>{{unreliable source?|date=December 2021|reason=This is a hidden Xlibris link, a vanity publisher}}<ref name="auto2">{{Cite web|url=https://www.livehistoryindia.com/story/forgotten-treasures/indias-first-currency-note/|title=India's First Currency Note|date=5 October 2018 |access-date=20 October 2021|archive-date=26 October 2021|archive-url=https://web.archive.org/web/20211026224641/https://www.livehistoryindia.com/story/forgotten-treasures/indias-first-currency-note/|url-status=live}}</ref><ref name="auto">{{Cite web|url=https://www.mintageworld.com/note/dynasty/32/|title=Early Bank Notes | Old Currency Bank Notes | Rare Bank Notes | Mintage World|website=mintageworld.com|access-date=20 October 2021|archive-date=20 October 2021|archive-url=https://web.archive.org/web/20211020132511/https://www.mintageworld.com/note/dynasty/32/|url-status=live}}</ref>

The total value of the banknotes issued by the bank is estimated to be around Rupees 20 lakhs.<ref name="auto3"/>{{unreliable source?|date=December 2021|reason=This is a hidden Xlibris link, a vanity publisher}}

== Legacy ==

The bank is notable for being the [[List of oldest banks in India|twelfth oldest bank in India]].<ref name="auto1"/> It is also notable for being one of the first institutions in India to issue its own paper banknotes or currency notes.<ref name="auto2"/><ref name="auto"/><ref name="insa.nic.in"/>

The ability of private banks to issue their own currency notes was taken away by [[The Paper Currency Act, 1861]].<ref>{{Cite web|url=https://www.rbi.org.in/commonman/English/Currency/Scripts/EarlyIssues.aspx|title=Reserve Bank of India|website=www.rbi.org.in|access-date=20 October 2021|archive-date=20 October 2021|archive-url=https://web.archive.org/web/20211020132511/https://www.rbi.org.in/commonman/English/Currency/Scripts/EarlyIssues.aspx|url-status=live}}</ref><ref>{{Cite web|url=https://rbi.org.in/scripts/pm_papermoney.aspx|title=Reserve Bank of India - Museum|website=rbi.org.in|access-date=20 October 2021|archive-date=20 October 2021|archive-url=https://web.archive.org/web/20211020132511/https://rbi.org.in/scripts/pm_papermoney.aspx|url-status=live}}</ref>

==See also==

{{Portal|Banks}}
*[[Indian banking]]
*[[List of banks in India]]

==References==
{{Reflist}}

==External links==
* [https://rbi.org.in/scripts/ms_banks.aspx Oldest Banks in India]
* [https://www.mintageworld.com/note/dynasty/32/ Banking in India]

{{Banking in India}}
{{Authority control}}

[[Category:Defunct banks of India]]
[[Category:Companies based in Kolkata]]
[[Category:Banks established in 1824]]

Calcutta Bank (1824) - Revision history

Gurushivam: Created First Data W/ Sources