Oudh Commercial Bank was founded in _______.a)1913b)1917c)1894d)1881Co...
Oudh Commercial Bank or Awadh Commercial Bank was established in 1881 in Faizabad. At the time, it was the first commercial bank in India having limited liability and an entirely Indian board of directors. It was a small bank that had no branches and that served only local needs. It failed in 1958.
Oudh Commercial Bank was founded in _______.a)1913b)1917c)1894d)1881Co...
Introduction:
Oudh Commercial Bank was one of the oldest banks in India. It was founded in the late 19th century and provided banking services to various parts of the country. The bank had a long and distinguished history, but it eventually merged with another bank in the 1960s.
Answer:
The correct answer to the question is option 'D', which is 1881.
History of Oudh Commercial Bank:
Oudh Commercial Bank was founded in 1881 in Faizabad, Uttar Pradesh. It was one of the earliest banks to be established in India and was initially set up to provide banking services to the local population. In the early years, the bank had a limited presence and only a few branches.
However, with the growth of the Indian economy and the increasing demand for banking services, Oudh Commercial Bank expanded rapidly. By the early 20th century, it had become one of the leading banks in the country, with a large network of branches and a wide range of services.
Merger:
Despite its success, Oudh Commercial Bank faced many challenges in the mid-20th century. The banking industry in India was undergoing significant changes, and many smaller banks were struggling to survive. In the 1960s, Oudh Commercial Bank merged with Punjab National Bank, one of the largest banks in India at the time.
The merger was seen as a way to strengthen both banks and create a more robust banking system in India. Today, Punjab National Bank is one of the largest banks in the country, with a wide network of branches and a range of services.
Conclusion:
Oudh Commercial Bank played an important role in the development of the Indian banking industry. It was one of the earliest banks to be established in the country and helped to lay the foundation for the modern banking system. Although it no longer exists as an independent entity, its legacy lives on through its successor, Punjab National Bank.