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{{Short description|Bank established in 1828}}
{{distinguish|Bank of India}}
{{Use Indian English|date=October 2021}}
{{Use dmy dates|date=October 2021}}
{{Infobox company
| name = The Bank of India (1828)
| logo =
| native_name =
| type = [[Private sector]]
| traded_as =
| industry = [[Banking]], [[insurance]], [[capital markets]] and allied industries
| genre = 
| fate = defunct in 1829
| predecessor =
| successor =
| foundation = {{Start date|1828|04|01|df=yes}} as The Bank of India (1828)
| founder =
| defunct = {{End date|df=yes|1829|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 '''Bank of India''' was a bank founded in the year 1828 in [[Company rule in India|British India]] and was closed down one year later in 1829. It was the [[List of oldest banks in India|thirteenth 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>

== History ==
=== Founding ===
Raj Kissen Dutt founded the bank in 1828.<ref>{{Cite book|url=https://books.google.com/books?id=R6NRMzvltFkC&dq=%22Bank+of+India%22+1828+calcutta&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}} It closed down in 1829.<ref name="auto1"/> 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>

=== Fate ===
The bank issued its own currency notes in its one year of existence.<ref>{{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|access-date=19 January 2022|archive-date=23 February 2024|archive-url=https://web.archive.org/web/20240223090436/https://books.google.com/books?id=R6NRMzvltFkC&dq=%22The+Commercial+Bank%22+1819&pg=PA70#v=onepage&q=%22The%20Commercial%20Bank%22%201819&f=false|url-status=live}}</ref>{{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=www.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>
However, many of the currency notes issued by the bank were found to have been forged.<ref>{{Cite book|url=https://books.google.com/books?id=R6NRMzvltFkC&dq=%22Bank+of+India%22+1828+calcutta&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 closed and was liquidated in 1829.<ref>{{Cite book|url = https://books.google.com/books?id=AUwlf7LZgrUC&dq=raj+kissen+dutt&pg=PT52|title = An Indian for All Seasons: The Many Lives of R.C. Dutt|isbn = 9780143067894|last1 = Mukherjee|first1 = Meenakshi|year = 2009|access-date = 19 January 2022|archive-date = 23 February 2024|archive-url = https://web.archive.org/web/20240223091034/https://books.google.com/books?id=AUwlf7LZgrUC&dq=raj+kissen+dutt&pg=PT52#v=onepage&q=raj%20kissen%20dutt&f=false|url-status = live}}</ref><ref>{{Cite book|url = https://books.google.com/books?id=R6NRMzvltFkC&dq=%22Bank+of+India%22+1828+calcutta&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|access-date = 19 January 2022|archive-date = 23 February 2024|archive-url = https://web.archive.org/web/20240223091136/https://books.google.com/books?id=R6NRMzvltFkC&dq=%22Bank+of+India%22+1828+calcutta&pg=PA70#v=onepage&q=%22Bank%20of%20India%22%201828%20calcutta&f=false|url-status = live}}</ref>{{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|thirteenth 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"/> [[The Paper Currency Act, 1861]], abolished the right of private banks to issue their own currency notes.<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]]
*[[List of oldest 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}}

{{DEFAULTSORT:The Bank of India}}
[[Category:Defunct banks of India|India]]
[[Category:Companies based in Kolkata]]
[[Category:Banks established in 1828]]

The Bank of India (1828) - Revision history

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