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Removed empty portal template using script

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	==References==		==References==
	~~{{Portal\|Banks}}~~
	*American Indian Fund (1948) ''Indian affairs''. (New York, Association on American Indian Affairs).		*American Indian Fund (1948) ''Indian affairs''. (New York, Association on American Indian Affairs).
	* {{cite book\|last1=Gaur \|first1=Krishna Deo \|year=2011 \|title=Textbook on the Indian Penal Code \|publisher=Universal Law Publishing \|isbn=978-8175347038}}		* {{cite book\|last1=Gaur \|first1=Krishna Deo \|year=2011 \|title=Textbook on the Indian Penal Code \|publisher=Universal Law Publishing \|isbn=978-8175347038}}

>Acad Ronin at 19:39, 22 June 2020

2020-06-22T19:39:31Z

New page

{{Use dmy dates|date=November 2015}}
{{Use Indian English|date=November 2015}}
The '''Exchange Bank of India & Africa''' was an [[India|Indian]] [[bank]] with a number of overseas branches in East African countries that operated from 1942 until its failure in 1949. It expanded rapidly across the trade routes between India and Africa but suffered a crisis in 1949 which caused it to fail.

==History==
The bank was established in Bombay in 1942. It expanded rapidly and at its peak had branches in India at [[Ahmedabad]], [[Amraoti]], [[Amritsar]], [[Bhavnagar]], [[Bangalore]], [[Kolkatta|Calcutta]], [[Kochi|Cochin]], Delhi, Karachi, [[Khamgaon|Khamagaon]], [[Kolhapur]], [[Chennai|Madras]], [[Madura]], [[Nagpur]], [[Rajkot]], [[Surendranagar city|Surendranagar]], [[Tinnevelly]], and [[Tuticorin]]. It also had overseas branches at [[Aden]], [[Colombo]], [[Dar-es-Salam]], [[Jaffna]], [[Jinga]], [[Kampala]], London, [[Mombasa]], and [[Nairobi]].<ref>''Indian Affairs'', (1948), Vol. 1, pp.526 & 1174.</ref> The bank opened three East African branches in 1947, with the branch in Tanzania opening in late 1948.

A crisis developed in the bank from about mid-February 1949, resulting in a heavy run on the bank. The bank suspended payments in May and was liquidated in June 1949. The Managing Director of the bank at the time, Jaswantrai Manilal Akhaney, was charged with and found guilty of criminal breach of trust for disposing of certain securities that a client had deposited with the bank.{{sfn|Gaur|2011|p=136}}

==Citations==
{{reflist}}

==References==
{{Portal|Banks}}
*American Indian Fund (1948) ''Indian affairs''. (New York, Association on American Indian Affairs).
* {{cite book|last1=Gaur |first1=Krishna Deo |year=2011 |title=Textbook on the Indian Penal Code |publisher=Universal Law Publishing |isbn=978-8175347038}}

{{Banking in India}}

{{DEFAULTSORT:Exchange Bank of India and Africa}}
[[Category:Defunct banks of India]]
[[Category:Banks established in 1942]]
[[Category:1942 establishments in India]]

Exchange Bank of India & Africa - Revision history

CleanupBot II: Removed empty portal template using script

>Acad Ronin at 19:39, 22 June 2020