founded · 1 April 1925
People's Bank of Northern India, Ltd is founded
Incorporated April 1925
ReportedOfficial record. Source: ICBEC1931 ch. II (for its standing); incorporation date from reported case
Viceroys: Lord Reading, Lord Lytton
The Age Of Stars
Two wars, a central bank, and the sterling balances.
Vol. LIThe edition of 1925 · War and Depression6 records
- Viceroys
- Lord Reading · Lord Lytton
- Secretary of State
- Lord Birkenhead
- Finance Member
- Sir Basil Phillott Blackett
Banking
3 itemsBanking · 1 August 1925
Commission appointed under Lt-Cmdr Edward Hilton Young
VerifiedOfficial record. Source: RBIH1 ch. 1; HY1926
Currency and exchange
Royal Commission on Indian Currency and Finance (Hilton Young), appointment
Appointed "to examine and report on the Indian exchange and currency system and practice; to consider whether any modifications are desirable in the interests of India; and to make recommendations"
VerifiedOfficial record. Source: HY1926; RBIH1 ch. 1
exchange rate / reserves
Hilton Young Commission (Royal Commission on Indian Currency and Finance), reserve…
The Appendices (Vols II-III, 1926) contain a scheme for the constitution of the Currency and Gold Standard Reserves and a new Currency Reserve worked out "on the assumption that sterling and gold holdings are converted at 1s. 6d."; the existing constitution as on 30 September 1925 is given as silver Rs 29.7 crores, gold Rs 47.1 crores, India securities Rs 27.53 crores (including the Gold Standard Reserve). The Commission's own recommendation of the 1s 6d ratio is in its Report, which I did not open
ReportedOfficial record. Source: HYAPP1926 (appendix memorandum on the reserves)
