It has seemed to me worth while to show from the history of civilization just what war has done and has not done for the welfare of mankind. In the eighteenth century it was assumed that the primitive state of mankind was one of Arcadian peace, joy, and contentment.
The word kusidin is translated as usurer. Also, during this period, texts began to condemn usury. Vasishtha forbade Brahmin and Kshatriya varnas from participating in usury.
By the 2nd century CE, usury seems to have become more acceptable. These were called rnapatra or rnapanna. The Dharmashastras also supported the use of loan deeds.
Kautilya has also mentioned the usage of loan deeds. The considerable use of these instruments has been recorded[ citation needed ]. In large towns, merchants also gave letters of credit to one another.
Two types of loans deeds have been recorded. The dastawez-e-indultalab was payable on demand and dastawez-e-miadi was payable after a stipulated time. The use of payment orders by royal treasuries, called barattes, have been also recorded.
There are also records of Indian bankers using issuing bills of exchange on foreign countries. The evolution of hundisa type of credit instrument, also occurred during this period and remain in use.
Its proprietors were the owners of the earlier Commercial Bank and the Calcutta Bank, who by mutual consent created Union Bank to replace these two banks. In it established an agency at Singapore, and closed the one at Mirzapore that it had opened in the previous year.
Also in the Bank revealed that it had been the subject of a fraud by the bank's accountant. Union Bank was incorporated in but failed inhaving been insolvent for some time and having used new money from depositors to pay its dividends.
That honour belongs to the Bank of Upper India, which was established in and survived untilwhen it failed, with some of its assets and liabilities being transferred to the Alliance Bank of Simla. Foreign banks too started to appear, particularly in Calcuttain the s. Grindlays Bank opened its first branch in Calcutta in HSBC established itself in Bengal in Calcutta was the most active trading port in India, mainly due to the trade of the British Empireand so became a banking centre.
The first entirely Indian joint stock bank was the Oudh Commercial Bankestablished in in Faizabad. It failed in The next was the Punjab National Bankestablished in Lahore inwhich has survived to the present and is now one of the largest banks in India.
Around the turn of the 20th Century, the Indian economy was passing through a relative period of stability. Around five decades had elapsed since the Indian rebellionand the social, industrial and other infrastructure had improved. Indians had established small banks, most of which served particular ethnic and religious communities.
The presidency banks dominated banking in India but there were also some exchange banks and a number of Indian joint stock banks. All these banks operated in different segments of the economy. The exchange banks, mostly owned by Europeans, concentrated on financing foreign trade. Indian joint stock banks were generally under capitalised and lacked the experience and maturity to compete with the presidency and exchange banks.
This segmentation let Lord Curzon to observe, "In respect of banking it seems we are behind the times.
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