By H.R. Machiraju
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Extra info for Modern commercial banking
The traits of the poor are that they are not capable of working 8 hrs a day for 5 or 6 days a week, because they are undernourished and physically not fit to put forth the effort. They do not have any skills and are not even 3R literate. If we approach the problem of rural development from the view point of bringing the poor into income generating activity by making them directly productive, we can make their life meaningful. Labour earns a wage when it contributes to production for market or exchange.
The practice of endorsement and discounting which were technically outstanding innovations stimulated the transferability and negotiability of commercial paper were developed by Antwerp bankers during the 16th century and fully exploited in Amsterdam. A public deposit and clearing bank, the Amsterdamsche Wisselbank was founded by Amsterdam authorities. The bank was the cornerstone of Amsterdam’s position as the leading financial centre of the 17th and early 18th centuries. It refined banking techniques which it had copied.
It was under European management but failed. Commercial banking in India was ushered in 1806 with the setting up of three ‘Presidency’ Banks of Bengal, Bombay (1840) and Madras (1843). The presidency banks enjoyed the right of note issue in their respective regions. Commercial banks set up by Indians appeared on the scene much later at the turn of the century. The first was Oudh Commercial Bank set up 1889. It was followed by Punjab National Bank in 1894 and the Peoples Bank in 1901. The three presidency banks were amalgamated to form the Imperial Bank of India under the Imperial Bank of India Act, 1920.