2016-09-07 Wed

The day of 7th September 1906 is considered to be an historical moment of the economy of India. With the establishment of Bank of India, India gradually took steps towards economic sustainability.

From barter system and merchant guilds to “hundis” and “savkari”, India has come a long way. Though India had its own Banking system in ancient and medieval period, with the coming of British it changed drastically. The origin of western type commercial Banking in India starts with the establishment of Bank of Hindustan in 1770, the first bank at Calcutta under European management. Further, three Presidency banks were set up under charters from the British East India Company.

In the beginning of the 20th Century, a group of eminent businessmen from Mumbai came together and established a private commercial bank with the name “Bank of India”. Beginning with one office in Mumbai, with the capital of Rs.50 lakh and 50 employees, the Bank has made a rapid growth over the years and blossomed into a mighty institution with a strong national presence and sizable international operations.

Started under private ownership, the bank was nationalised in 1969 along with 13 other banks. Since the day of foundation the Bank occupies a premier position among the nationalised banks of India.

On its centenary year in 2006, India post honoured this first Indian Bank with a special cover. The cover depicts its logo on top left corner and special cancellation mark as well as an image of its headquarters at Mumbai.