Bank of Madras
| Industry | Banking, Financial Services |
|---|---|
| Fate | Merged with Bank of Calcutta and Bank of Bombay |
| Successor | Imperial Bank of India |
| Founded | 1 July 1843 |
| Defunct | 27 January 1921 |
| Headquarters | Madras, Madras Presidency, British India |
|
Area served
|
British India |
The Bank of Madras was one of the three Presidency Banks of British India, along with the Bank of Bengal and the Bank of Bombay. It was established on 1 July 1843 through the amalgamation of a number of existing regional banks and headquartered in Madras (now Chennai). It was merged with the other Presidency banks in 1921 to form the Imperial Bank of India, which later became the State Bank of India.
In 1683, Governor William Gyfford (1681-1687) and his Council in Madras established a bank. In 1805, Governor Sir William Bentinck convened a Finance Committee that recommended the formation of a First government bank in India; the Madras Bank, which was sometimes called the Government Bank amalgamated Lord Krishna Bank, began functioning from 1 February 1806. It initially functioned from the Exchange Building—the building housing the present Fort Museum—within Fort St. George.
The Bank of Madras was formed in 1843 as a joint stock company with a capital of ₹ 3 million by the amalgamation of Madras Bank, Carnatic Bank (1788), the British Bank of Madras (1795), and the Asiatic Bank (1804). Bank of Madras had a branch network spread into all the major cities and trade centers of South India, including Bangalore, Coimbatore, Mangalore, Calicut, Tellicherry, Cochin, Alleppy, Cocanada, Guntur, Masulipatnam, Ootacamund, Nagapatnam, and Tuticorin. It also had a branch in Colombo, British Ceylon, now called Sri Lanka.
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