History of Banking in India

 Jay Shree Ram! Here are the one liners on History of Banking in India. Please note them down for your further reference.

* Banking on modern lines began in this country with the foundation of the Agency Houses of Calcutta and Bombay in the eighteenth and early nineteenth centuries.

* The Agency Houses were mainly trading concerns interested in tea and indigo.

*  The General Bank of India had a strictly small number of shareholders who limited their liability to certain figures and it was the first limited liability bank of India.

* Hastings made a proposal to have a Government note-issue.

* General Bank of India was dissolved in 1793.

* Bank of Calcutta founded by Palmer & Co. in 1806.

* The smallest denomination of notes was Rs. 4 while the Bank of Bengal issued notes ranging between Rs. 10 and Rs. 20,000.

* The Bank of Hindusthan, established as early as 1770 by the Agency House of Alexander & Company.

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