TheHH at 17:39, 8 July 2025

2025-07-08T17:39:53Z

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{{Use dmy dates|date=February 2023}}
{{Use Indian English|date=February 2023}}
{{Short description|Public bank founded in Agra, India (1833–1900)}}
{{Infobox company
| name = Agra Bank
| industry = [[Banking]]
| founded = {{Start date|1833}} in [[Agra]], India
| defunct = {{End date|1999}}
| fate = Liquidated
| hq_location_city = [[Agra]]
| hq_location_country = [[India]]
| key_people =
| products =
| num_employees =
| num_employees_year = 
}}
'''Agra Bank''' was an Indian [[bank]] that was founded in 1833 in [[Agra]] (now in the Indian [[States and territories of India|state]] of [[Uttar Pradesh]]), with a capital of £1,000,000 and was finally liquidated in 1900.<ref>{{cite web | url=https://www.rbi.org.in/scripts/ms_banks.aspx | publisher=Reserve Bank of India | title=The Advent of Modern Banking in India | accessdate=5 February 2023}}</ref><ref>Money-Market and City Intelligence. ''The Times'' Saturday, 11 June 1836 Issue 16127 Page 6</ref><ref name=SMEG>Stuart Muirhead, Edwin Green. ''Crisis Banking in the East'', Ashgate Publishing, 1996 {{ISBN|9781859282441}}</ref>

==History==
The bank was founded in 1833, but by 1840 its business was still confined to advances to the military. Attempts to circulate banknotes were blocked by the government but in any case notes had little appeal to the bulk of local residents. A branch was established in Somerset Place, Calcutta<ref>[https://books.google.com/books?id=6iQoAAAAYAAJ&dq=%22agra+bank%22&pg=RA3-PA172-IA2 The Bengal and Agra Annual Guide and Gazetteer, for 1841-: I, II.] accessed 27 May 2020</ref> and by the mid-1850s Calcutta had become its head office with branches in Madras and Bombay and a London agency. Branches in Lahore and Canton were added and at the end of the 1850s the head office was moved to London.<ref name=SMEG/>

===Move to London and the United Service Bank===
The Agra and United Service Bank was incorporated in England in 1857 and issued banknotes but it was unable to gain entry to the London [[Bankers' Clearing House]].<ref name="DO'F">Dennis O. Flynn, A.J.H. Latham, Sally M. Miller (editors). ''Studies in the Economic History of the Pacific Rim'' Routledge, London 1998 {{ISBN|0203065352}}</ref>

===Take over of Masterman's Bank===
In June 1864 it took over a member of the London Bankers' Clearing House – the London banking partnership of Masterman, Peters, Mildred and Company – and renamed itself Agra and Masterman's Bank. It met strong opposition, suffered share price manipulation and lost customers.<ref name="DO'F" /> By 1866 it had become the leading exchange bank in the East after the [[Oriental Bank Corporation]].<ref>Compton Mackenzie. ''Realms of Silver'':100 years of banking in the East</ref> Agra and Masterman's was obliged to suspend payment on 6 June 1866 following the panic beginning with the closure of [[Overend, Gurney and Company|Overend Gurney]] on 10 May 1866.<ref name=SMEG/>

===Agra Bank===
The remaining Indian portion of its business was reconstituted under the name Agra Bank.<ref name="DO'F" /> and re-opened for business on 7 January 1867. It was liquidated in 1900.<ref name=SMEG/>

== See also ==
* [[List of oldest banks in India]]

==References==
{{reflist}}

[[Category:Banks established in 1833]]
[[Category:Banks established in 1857]]
[[Category:Banks established in 1867]]
[[Category:Former banknote issuers of Hong Kong]]
[[Category:History of Agra]]
[[Category:Defunct banks of India]]
[[Category:Economic history of Uttar Pradesh]]
[[Category:Former central banks and banks of issue]]

Agra Bank - Revision history

TheHH at 17:39, 8 July 2025