Wednesday, 26 February 2014

Sau saal pehle ..............

Babu Narendra Chandra Dutta was a lawyer from Comilla (erstwhile Bengal, now in Bangladesh) . His early childhood was spent in penury. Later he built up a good practice and became a wealthy man. In 1914, Dutta founded the Comilla Banking Corporation. He started the bank with a declared capital of 4,000 rupees and raised another 2,500 rupees. In order to raise the capital he sold his own house for 1,500 rupees. Initially he drew a monthly remuneration of eight rupees from the bank.

Comilla Bank, as it was popularly known had substantial investments in the tea industry. Loans were issued to prospective investors in the tea industry for buying tea plantations and related properties.

Comilla Bank was was merged with three other banks, all based from Bengal in 1950 and United Bank of India was formed. It was again nationalized later in 1969 This is a piece of history. Maybe no one will be interested .

Who knows ……. The way things are happening, United Bank of India itself may also become a piece of history very soon.

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