The Union Bank (1828)

Not to be confused with Union Bank of India.

The Union Bank
Company 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 the 19th century India, Prince Dwarkanath Tagore owned his own trading firm Carr, Tagore and Company. He then separated the financial activities of his firm into a separate banking company. As a result, the Union Bank was founded in 1828.[2] The bank was formed by the merger of two other banks: The Commercial Bank and The Calcutta Bank.[3][4]

Dwarkanath 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] Dwarkanath was assisted by his Parsi friend Rustomjee Cowasjee, a notable businessman.[6]

The bank collapsed in 1848.[7]

See also

References

  1. ^ "Reserve Bank of India - Museum". rbi.org.in. Archived from the original on 20 October 2021. Retrieved 28 May 2021.
  2. ^ "Dwarakanath Tagore - India's Industrious Pioneer". 9 April 2018. Archived from the original on 12 August 2021. Retrieved 28 May 2021.
  3. ^ "Indian banking's chequered history". Gateway House. 3 May 2018. Archived from the original on 15 May 2018. Retrieved 28 May 2021.
  4. ^ N, Shivam (10 June 2016). "History of the Paper Currency in India: 3 Periods". Archived from the original on 17 August 2022. Retrieved 28 May 2021.
  5. ^ "Dwarkanath Tagore (1794-1864); Rabindranath's grandfather". The Scottish Centre of Tagore Studies. 5 February 2019. Archived from the original on 11 May 2021. Retrieved 28 May 2021.
  6. ^ "A friend of Dwarkanath Tagore, this Parsi Babu loved Calcutta". www.telegraphindia.com. Archived from the original on 2 August 2021. Retrieved 28 May 2021.
  7. ^ Paul, Aniek (22 August 2015). "The chequered history of Kolkata's banks". mint. Archived from the original on 27 May 2021. Retrieved 28 May 2021.