Which is the first bank of Assam?
Answers
Answer:
The first bank of Assam is The Gauhati Bank Ltd.
Explanation:
The Gauhati Bank Ltd, founded in 1926, was the Assamese people's first private bank. Between 1915 and 1920, twelve Assamese businessmen established the Bahadur Tea Estate in Tinsukia.
The company faced many financial issues and was unable to obtain loans from Calcutta banks. Despite their best efforts, none of the banks they approached provided them with a loan. These guys saw the need for a local bank in Assam at the time.
Upen Changkakot, the eldest son of Nalini Bala Devi and the grandson of Nabin Chandra Bardoloi, was tasked with overseeing the bank's operations. Upen was studying his post-graduation in Calcutta at the time and returned to Gauhati after finishing his B.Com final exam to become the bank's first manager under Gauri Kanta Talukdar. Gauhati Bank Ltd's initial director was Lokapriya Gopinath Bordoloi. The bank began with just two employees in a small room at Kanta Talukdar's residence in Latas. Gauhati Bank Ltd was founded as a non-government company and classified as a public limited company on June 19, 1926. It was incorporated and registered with the Shillong Companies Registry.
It had a paid-up capital of Rs 208,660 and a share capital of Rs 2,500,000. Metals and chemicals, as well as the products made from them, are manufactured. Only in 1935 did the bank begin to turn a profit. In 1936, the bank established its permanent location in Panbazar, in a two-story structure opposite the Panbazar Masjid, which currently houses the Reserve Bank of India. It was acknowledged by the Government of Assam in 1940 and thereafter listed by the RBI. His efforts were rewarded when Gauhati Bank Ltd established a branch in Assam and one in Calcutta within six to seven months of its establishment.
Rohini Kumar Choudhury was the bank's first secretary. The bank was able to conduct business because of the efforts of Kamakhya Jogendranath Barooah, Ram Barooah, Bishnuram Medhi, Gauri Kanta Talukdar, and others. It anticipated savings accounts, financial services businesses, government offerings, and loans to road gardens. However, due to the recession, the bank ceased operations on July 20, 1950.
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