Beneath this impressive facade lies a story of finance, power, and a city’s colonial past. This is the Bank of Bengal Historic Building. It stands as a silent witness to Kolkata’s evolution as a financial hub.
The Bank of Bengal, initially established as the Bank of Calcutta on June 2, 1806. It was Asia’s first bank. The British founded it to fund General Wellesley’s wars. These wars were against Tipu Sultan and the Marathas. The bank was later renamed on January 2, 1809.
Imagine Kolkata in the early 19th century. It was a burgeoning center of trade. The Bank of Bengal quickly became a cornerstone of the economy. It played a vital role in facilitating commerce throughout British India. It opened branches in Rangoon, Patna, Mirzapur, and Benares. Negotiations to open a branch at Dhaka led to the amalgamation of the Dhaka Bank. This formed the Bank of Bengal in 1862.
The Bank of Bengal was quite risk-averse. It wouldn’t lend money for more than three months. This led local businessmen to start their own private banks. Many of these banks failed. The most famous failure was the Union Bank. Dwarakanath Tagore founded it with British companies.
Among the bank’s renowned customers were some of India’s most prominent figures. Scholar Dadabhai Naoroji banked here. So did scientist Jagadish Chandra Bose. India’s first President Rajendra Prasad was also a customer. Nobel laureate Rabindranath Tagore and educationalist Ishwar Chandra Vidyasagar trusted this bank. Their financial transactions once shaped the destiny of institutions like this.
The Bank of Bengal holds a unique distinction. While numerous banks in India faced crises, the Bank of Bengal never failed. It always stood its ground.
In 1921, the Bank of Bengal merged with the Bank of Bombay and the Bank of Madras. This created the Imperial Bank of India. Later, in 1955, the Reserve Bank of India gained control. The Imperial Bank was renamed the State Bank of India.
Interestingly, the original minutes of the meeting establishing the Bank of Calcutta are preserved. They are on the fifth floor of Samriddhi Bhavan. This is the regional headquarters of the State Bank of India. Documents like registers and passbooks of famous customers are here too.
The Bank of Bengal also maintained a complaint register. In 1889, Potit Pabun Mitra complained about rude behavior. It was by a bank employee named TWL Bruce.
Even back then, fraud was a concern. Between 1826 and 1828, Rajkissore Dutt took a loan using forged papers. The first fraud occurred in 1824, when money was repledged to the bank.
So, as you stand before this building, remember its long history. The Bank of Bengal is not just a building. It is a symbol of Kolkata’s enduring financial legacy. It is a reminder of the individuals who shaped India’s economic landscape.