The Union Bank
TypePrivate sector
IndustryBanking, Insurance, Capital Markets and allied industries
Founded1 April 1828 (1828-04-01) as The Union Bank
FounderDwarkanath Tagore
Defunct31 March 1848 (1848-03-31)
FateDefunct
Headquarters
Calcutta
,
India
Number of locations
Bengal Presidency
Area served
India
Key people
Dwarkanath Tagore
ProductsDeposits, Personal Banking Schemes, C & I Banking Schemes, Agri Banking Schemes, SME Banking Schemes
ServicesBanking, Trade Finance

The Union Bank was a bank founded in the year 1828 in British India by Prince Dwarkanath Tagore. The bank was the fourteenth oldest bank in India.[1]

History

Founding

In 19th century India, Prince Dwarkanath Tagore owned his own trading firm Carr, Tagore and Company. Prince Dwarkanath Tagore desired to separate the financial activities of his firm into a separate banking company. As a result of this, the Union Bank was founded in the year 1828.[2]

The Union Bank was formed by the merger of two other banks: The Commercial Bank and The Calcutta Bank.[3][4]

Management

Prince Dwarkanath Tagore was the very first Indian to become a director of an Indian bank. All of the previous Indian banks had European directors and founders.[5]

Prince Dwarkanath Tagore was assisted by his Parsi friend Rustomjee Cowasjee who was a successful businessman in his own right in the 19th century.[6]

Final years

The bank collapsed in the year 1848. Prince Dwarkanath Tagore eventually died in London and is currently buried in London.[7]

Legacy

The bank is notable for being the fourteenth oldest bank in India.[1]

The bank's founder, Prince Dwarkanath Tagore is also equally notable for being the very first Indian to start and operate a bank in India.[8][6]

See also

References

  1. 1 2 "Reserve Bank of India - Museum". rbi.org.in.
  2. ↑ "Dwarakanath Tagore - India's Industrious Pioneer". 9 April 2018.
  3. ↑ https://www.gatewayhouse.in/indian-banking-history/
  4. ↑ N, Shivam (10 June 2016). "History of the Paper Currency in India: 3 Periods".
  5. ↑ "Dwarkanath Tagore (1794-1864); Rabindranath's grandfather". The Scottish Centre of Tagore Studies. 5 February 2019.
  6. 1 2 "A friend of Dwarkanath Tagore, this Parsi Babu loved Calcutta". www.telegraphindia.com.
  7. ↑ Paul, Aniek (22 August 2015). "The chequered history of Kolkata's banks". mint.
  8. ↑ "Contribution of dwarkanarh tagore and tata company - Brainly.in". brainly.in.
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