EconomyEast India Company rule
Bank of Madras formed
· Chennai
The Bank of Madras, one of the three Presidency banks, came into being through the merger of several banks in Madras.
Four institutions, the Madras Bank, the Carnatic Bank, the British Bank of Madras and the Asiatic Bank, were combined on 1 July 1843 into a joint stock company named the Bank of Madras. With its head office in Madras, it served as South India's Presidency bank, conducting government transactions and supplying credit to commerce. In 1921 it joined the Bank of Bengal and the Bank of Bombay in forming the Imperial Bank of India. That body was the predecessor of the State Bank of India.
