Which is the Oldest Bank of India? Check the List of Top-10 Oldest Banks

Banking in India has a long and fascinating history that goes back more than two centuries. The earliest banks were set up during the time of the British, mainly to serve traders, merchants, and government officials. Over time, these banks grew, merged, and transformed into institutions that shaped India’s financial system. Among them, one bank holds the title of being the oldest in the country.

Oldest Bank of India

The Madras Bank, founded in 1683, is considered the very first bank in India. It was set up in the Madras Presidency (now Chennai) to meet the financial needs of British traders and the East India Company.

• The bank continued for more than a century before it merged with the Bank of Madras in 1843.
• Later, through more mergers, it became part of the Imperial Bank of India, which finally evolved into the State Bank of India (SBI).

Though the Madras Bank does not exist today, its legacy lives on in SBI, India’s largest public sector bank.

Top-10 Oldest Banks of India

After the Madras Bank, several other banks came into existence across different presidencies. Some survived for only a short time, while others eventually merged into bigger institutions. Here are some of the oldest banks:

Rank	Bank Name	Year Founded	Status
1.	The Madras Bank	1683	Merged into Bank of Madras and later became part of SBI
2.	Bank of Bombay	1720	Closed in 1770
3.	Bank of Hindustan	1770	Liquidated in 1832
4.	General Bank of Bengal and Bihar	1773	Closed in 1791
5.	Bengal Bank	1784	Closed in 1791
6.	General Bank of India	1786	Closed in 1781
7.	Carnatic Bank	1788	Merged into Bank of Madras and later became part of SBI
8.	British Bank of Madras	1795	Merged into Bank of Madras and later became part of SBI
9.	The Asiatic Bank	1804	Merged into Bank of Madras and later became part of SBI
10.	Bank of Calcutta (later Bank of Bengal)	1806	Merged into Imperial Bank which is now SBI

The Role of Presidency Banks

By the 19th century, three major presidency banks came up:

• Bank of Bengal (1806, Calcutta)
• Bank of Bombay (1840, Bombay)
• Bank of Madras (1843, Madras)

These banks were powerful financial institutions and even issued their own currency before the RBI was formed. In 1921, the three presidency banks merged to form the Imperial Bank of India, which later became State Bank of India in 1955.

Legacy and Modern Banking

The early banks of India were not just financial houses; they were key players in trade, credit, and colonial administration. While many of them do not exist today, they shaped the economic history of India.

• The Madras Bank (1683) holds the title of India’s first bank.
• State Bank of India (1806 origin as Bank of Calcutta) is the oldest bank still functioning today.

Together, they represent the journey of Indian banking from colonial times to the modern financial system.