Which is the Oldest Bank in India?

Banking in India has a long and fascinating history that goes back several centuries. Long before the Reserve Bank of India was established in 1935, private and presidency banks were already playing a crucial role in managing trade, commerce, and credit. These early banks were not just financial institutions; they were symbols of India’s growing economic importance during the colonial era. Some of them were founded to support trade in port cities like Madras (now Chennai), Calcutta (now Kolkata), and Bombay (now Mumbai), while others came up to facilitate business in different presidencies of British India. Although many of these early banks no longer exist in their original form, they laid the foundation of modern Indian banking.

When we talk about the oldest bank in India, the answer is The Madras Bank which was founded in 1683. However, the bank doesn’t exist today but it is the first bank that was established in India. Over time, several other banks came into existence, some lasting for decades while others were short-lived. Many of these banks eventually merged into larger institutions, paving the way for what we now know as the State Bank of India (SBI), the country’s oldest surviving bank.

The Oldest Bank in India: The Madras Bank (1683)

The title of the oldest bank in India belongs to The Madras Bank which was established in 1683 in the Madras Presidency which is now Chennai. It was created to serve the needs of British traders and the East India Company at a time when India was a hub of international trade. Although the bank no longer exists today as it was merged into the Bank of Madras in 1843 and later became part of the Imperial Bank of India and due to this merger the organised banking in India began. The legacy of The Madras Bank continues, as the Imperial Bank eventually evolved into the State Bank of India which is the largest public sector bank in the country.

Which are the Top 10 Oldest Banks in India?

Over the years, many banks were set up across different presidencies and regions. Some were absorbed into larger institutions, while a few became part of the foundation of modern banking in India. Here is a list of the top 10 oldest banks in the country:

In conclusion, the story of India’s oldest banks is closely tied to the country’s economic history and colonial past. While The Madras Bank (1683) holds the distinction of being the first bank ever set up in India, the State Bank of India (1806 origin as Bank of Calcutta) is the oldest bank still in operation today. These institutions not only managed trade and credit but also laid the foundation of modern banking in India. The evolution of these early banks into present-day SBI shows how history, mergers, and legacy shaped the Indian financial system as we know it today.