The Presidency Bank of India

The Presidency Bank of India was a group of three banks that were established during the British colonial era in India. These banks were known as the Bank of Bengal, the Bank of Bombay, and the Bank of Madras. The Presidency Bank of India was established to provide banking services to the British colonial government and to support trade and commerce in India.

Bank of Bengal

The Bank of Bengal was the first bank to be established in India in 1806. The bank was headquartered in Calcutta (now Kolkata) and was responsible for providing banking services to the British colonial government in Bengal, Bihar, and Orissa.

Bank of Bombay

The Bank of Bombay was established in 1840 and was headquartered in Mumbai (then known as Bombay). The primary objective of the bank was to provide banking services to the British colonial government in the western region of India.

Bank of Madras

The Bank of Madras was established in 1843 and was headquartered in Chennai (then known as Madras). The bank provided banking services to the British colonial government in the southern region of India.

Merger

In 1921, the three banks were merged to form the Presidency Bank of India. The bank continued to provide banking services to the British colonial government and to support trade and commerce in India. After India gained independence in 1947, the Presidency Bank of India was renamed as the United Bank of India.

Conclusion

The Presidency Bank of India played a significant role in the development of banking in India during the British colonial era. The bank provided the necessary financial infrastructure for trade and commerce in India and paved the way for the development of modern banking in the country.