The Age Of Stars

Banking · merged · 27 January 1921

With effect from 27th January 1921, the three Presidency Banks of Bengal, Bombay and Madras were amalgamated…

"With effect from 27th January 1921, the three Presidency Banks of Bengal, Bombay and Madras were amalgamated and formed into the Imperial Bank of India"

VerifiedOfficial record. Source: SA1924 Table 137 footnote; JEVONS1922 pp.77-79

Bank of Bengal · merged · 27 January 1921

Bank of Bengal: Ceased to exist as a separate bank; absorbed into the Imperial Bank of India

VerifiedOfficial record. Source: RBIH1 ch. 1

Bank of Bombay · merged · 27 January 1921

Bank of Bombay: Ceased to exist as a separate bank; absorbed into the Imperial Bank of India

VerifiedOfficial record. Source: RBIH1 ch. 1

Bank of Madras · merged · 27 January 1921

Bank of Madras: Ceased to exist as a separate bank; absorbed into the Imperial Bank of India

VerifiedOfficial record. Source: RBIH1 ch. 1

Banking · failed

Total failures over the eight years

60 banks

VerifiedOfficial record. Source: ICBEC1931 ch. II

Imperial Bank of India · merged · 1 January 1921

The Bank of Bengal, Bank of Bombay and Bank of Madras were amalgamated into the Imperial Bank of India, which…

opening deposits in RBI Table 3 terms: Rs 86.29 crore at the last presidency-bank balance date (1920)

The Bank of Bengal, Bank of Bombay and Bank of Madras were amalgamated into the Imperial Bank of India, which also took over the Government's banking business.

ReportedOfficial record. Source: Reserve Bank of India, Banking and Monetary Statistics of India (Bombay, 1954), Section 1, Table 3, pp. 10-11 (archive.org)

Imperial Bank of India · 1 January 1921

Imperial Bank of India: Appointment as sole banker to Government by agreement with the Secretary of State, for ten years in the first…

Appointment as sole banker to Government by agreement with the Secretary of State, for ten years in the first instance

VerifiedOfficial record. Source: RBIH1 ch. 1

customs tariff / industry

Indian Fiscal Commission

Report presented 1922 (Sir Ibrahim Rahimtoola, President). Recommended protection for industries essential for national defence where conditions are not unfavourable; a permanent Tariff Board to investigate claims to protection; no general system of Imperial Preference, with any preference to be "a free gift" approved by the Legislature and not diminishing protection; unreserved condemnation of the existing Cotton Excise Duty

VerifiedOfficial record. Source: FISC1922 Summary of Recommendations, items 1-4

Indian States

Royal Proclamation constituting the Chamber of Princes

Created the Chamber as "a deliberative, consultative and advisory body": 108 rulers in their own right (permanent dynastic salutes of 11 guns and over), plus 12 members elected by group voting by the rulers of 127 non-salute States; the Viceroy was President and members elected an annual Chancellor. The Viceroy would "take its counsel freely", but it had "no concern with the internal affairs of individual States". Hyderabad and Mysore stood aloof from the Chamber

VerifiedOfficial record. Source: MENON1956, ch. "Setting the Stage"

customs tariff

Indian tariff revision

General rate of duty including cotton piece-goods raised from 7½ to 11 per cent; excise unchanged at 3½ per cent; the cotton mills' special exemption for imported machinery and stores withdrawn; liquors and tobacco raised again; sugar 10 to 15 per cent; a high specific duty on matches; motor cars, silk piece-goods and watches singled out at 20 per cent. Designed to produce an additional Rs 8 crores

ReportedOfficial record. Source: FISC1922 ch. I para 21