Bank of Chettinad

From Free net encyclopedia

---

Current revision

Bank of Chettinad is a defunct bank that originated in the Nattukottai Chettiar community.

• 1929: Two prominent Nattukottai Chettiar business family partnerships established the bank with its Head Office in Rangoon and registered it as a private 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 Chettinad Corporation.
• 1932: It opened an office in Colombo.
• 1946: The Supreme Court of Ceylon ruled that it was not a bank in that it primarily made loans on promissory notes and mortgages and did not take deposits.
• 1963: The Burmese government nationalized all foreign banks and essentially drove out the large population 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 Ceylon.(Delhiwala, Sri Lanka: Tisara Prakasakayo).Template:India-company-stub