Bank of Chettinad was established in 1929 as a private bank in India by two prominent Chettiar business families based in Rangoon. It opened an office in Colombo in 1932 and was involved in many business activities associated with the Chettiar community. However, in 1946 a Ceylon court ruled it was not technically a bank as it primarily engaged in lending through promissory notes and mortgages rather than taking deposits. The bank was then wound up in 1965 after the Burmese government nationalized all foreign banks in 1963, forcing out the large Indian Chettiar population.
Original Description:
Nagarathar - who started banks in Ceylon Sri lanka -
Bank of Chettinad was established in 1929 as a private bank in India by two prominent Chettiar business families based in Rangoon. It opened an office in Colombo in 1932 and was involved in many business activities associated with the Chettiar community. However, in 1946 a Ceylon court ruled it was not technically a bank as it primarily engaged in lending through promissory notes and mortgages rather than taking deposits. The bank was then wound up in 1965 after the Burmese government nationalized all foreign banks in 1963, forcing out the large Indian Chettiar population.
Bank of Chettinad was established in 1929 as a private bank in India by two prominent Chettiar business families based in Rangoon. It opened an office in Colombo in 1932 and was involved in many business activities associated with the Chettiar community. However, in 1946 a Ceylon court ruled it was not technically a bank as it primarily engaged in lending through promissory notes and mortgages rather than taking deposits. The bank was then wound up in 1965 after the Burmese government nationalized all foreign banks in 1963, forcing out the large Indian Chettiar population.
Bank of Chettinad is a defunct bank that originated in the (Nattukottai Chettiar
) community.*1929: Two prominent Nattukottai Chettiar business family partnershi ps established the bank with its Head Office in Rangoon and registered it as a p rivate company in India and incorporated under the Indian Companies Act of 1913. It was involved in many activities and was also closely associated with the Che ttinad Corporation. *1932: It opened an office in Colombo. *1946: The Supreme Co urt of Ceylon ruled that it was not a bank in that it primarily made loans on pr omissory notes and mortgages and did not take deposits. *1963: The Burmese gover nment nationalized all foreign banks and essentially drove out the large populat ion of people of Indian origin, among whom there were many Chettiars. *1965: It was voluntarily wound up. Source Weerasooria, W. S. 1973. ''The Nattukottai Chettiar Merchant Bankers in C eylon''.(Delhiwala, Sri Lanka: Tisara Prakasakayo). Complied by N.Palaniapapn