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BANKING TRADE AND COMMERCE
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JOINT STOCK BANKS
The old District Gazetteer of Wardha published in 1906 does not make any mention of the existence of a banking company in the District. Monetary transactions were carried out directly by the people themselves. Money was never deposited but was either hoarded or loaned on interest to the needy debtors who were mostly cultivators or agricultural tenants.
The first bank to be established in the district was the branch of the Imperial Bank of India, at Wardha. In 1955 along with the other branches of the bank in the country, it was taken over by the State Bank of India. By 1966, there were three branches of the State Bank of India. Besides, there were six branches of other joint-stock banks in the district. The names of these banks, the places of location and the dates of their opening are given below:— |
Name of the Bank |
Place of Location |
Date of opening | |
1. |
State Bank of India |
Arvi |
27th April 1953. | |
2. |
Bank of Maharashtra, Ltd. |
Do. |
27th February 1961. | |
3. |
State Bank of India |
Hinganghat |
8th February 1954. | |
4. |
Punjab National Bank, Ltd. |
Do. |
27th May 1954. | |
5. |
Bank of Maharashtra, Ltd. |
Do. |
27th March 1961. | |
6. |
Bank of Maharashtra, Ltd. |
Pulgaon |
27th March 1961. | |
7. |
State Bank of India |
Wardha |
31st December 1949. | |
8. |
Punjab National Bank, Ltd. |
Do. |
12th March 1951. | |
9. |
Bank of Maharashtra, Ltd. |
Do. |
27th March 1961. |
All these banks provide the usual banking facilities to the public including the financing of trade and agriculture and storage and movement of agricultural produce. The main objective of many of these banks is to encourage the habit of banking, especially in rural areas and to cater to the financial needs of the rural population through their offices.
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