The Oldest Bank Of India

Banking in India has a rich and intriguing history that stretches back over two hundred years.

The first banks were established during the British era, primarily to cater to traders, merchants, and government officials.

As time passed, these banks expanded, merged, and evolved into key players in shaping India’s financial landscape.Among them, one bank is recognized as the oldest in the nation.

10)Bank of Calcutta

The tenth spot goes to the Bank of Calcutta, which later became known as the Bank of Bengal. It was established in 1806. The latest update is that it’s merged into Imperial Bank, which is now SBI.

9)The Asiatic Bank

The Ninth spot goes to the asiatic bank. It was established in 1804. The latest update is that it’s merged into Bank of madras, which is now part of SBI.

8)British Bank of Madras

The Eighth spot goes to british bank of india. It was established in 1795. The bank operated for more than a century before merging with the Bank of Madras. Eventually, through a series of mergers, it became part of the Imperial Bank of India, which ultimately transformed into the State Bank of India (SBI). Although the Madras Bank is no longer in operation, its legacy continues through SBI, which is India’s largest public sector bank.

7)Carnatic Bank

The Seventh spot goes to carnatic bank. It was established in 1788. The latest update is that it’s merged into Bank of madras, which is now part of SBI.

6)General Bank of India

The Sixth spot goes to general bank of india. It was established in 1786. The present situation is that this bank shut down in 1781.

5)Bengal Bank

The Fifth spot goes to Bengal bank. It was established in 1784. The present situation is that this bank shut down in 1791.

4)General Bank of Bengal and Bihar

The Fourth spot goes to general bank of bengal and bihar. It was established in 1773. The present situation is that this bank shut down in 1791.

3)Bank of Hindustan

The Third spot goes to bank of hindustan. It was established in 1770. The present condition of the bank is that it was liquidated in 1832.

2)Bank of Bombay

The Second spot goes to bank of bombay. It was established in 1720. The present situation is that this bank shut down in 1770.

1)The Madras Bank

The First spot goes to the madras bank. It was established in 1683. The latest update is that it’s merged into Bank of madras, which is now part of SBI. The Madras Bank is recognized as the first bank in India. It was created in the Madras Presidency (now known as Chennai) to cater to the financial requirements of British traders and the East India Company.

By the 19th century, three key presidency banks emerged: