Narendra Chandra Dutta
Encyclopedia
Narendra Chandra Dutta (25 November 1878 - 15 April 1962) was an India
n banker, founder of Comilla Banking Corporation and later the prime mover behind the incorporation of the United Bank of India
.
and soon build up a lucrative practice.
Dutta did an economic survey of eastern India, and began investments in the tea industry. Through the Comilla Banking Corporation he began to issue loans to prospective investors in the tea industry for buying tea plantations and related properties.
After completing his studies, Dutta's eldest son Bata Krishna Dutta returned to Comilla
and joined the Comilla Banking Corporation as a trainee. After a few weeks Dutta suggested that Bata Krishna himself could run a bank himself and young Bata Krishna took up the challenge. In 1930, Bata Krishna Dutta took charge of the defunct Comilla Rice and Oil Mills Limited and established the New Standard Bank of India with an initial paid up capital of thirty thousand rupees.
In 1946, at the suggestion of Chintaman Dwarakanath Deshmukh
, the then Governor of the Reserve Bank of India
, the New Standard Bank of India merged with the Comilla Banking Corporation, transferring all its assets to the latter. In 1950, Narendra Chandra Dutta along with Jyotish Chandra Das completed the merger of Comilla Banking Corporation and Bengal Central Bank and founded the United Bank of India.
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
n banker, founder of Comilla Banking Corporation and later the prime mover behind the incorporation of the United Bank of India
United Bank of India
United Bank of India is a state-owned financial services company headquartered in Kolkata, India. Presently the bank has a three-tier organizational setup consisting of its Head office in Kolkata, 31 Regional offices and 1600 branches spread all over India. However, its major presence is in...
.
Early life
Dutta was born to Mahesh Chandra Dutta in Kalikachchha, in the district of Tipperah. His father died when he was only nine months old. His mother struggled to bring him up and then had a live a life of penury. He graduated in law from the Ripon College in Kolkata in 1905. He began his practice in the civil court at ComillaComilla
Comilla is a city in south-eastern Bangladesh, located along the Dhaka-Chittagong Highway. It is the administrative center of the Comilla District, part of the Chittagong Division. The Eastern Wing of Bangladesh Highway Police is located in Comilla....
and soon build up a lucrative practice.
Career
In 1914, Dutta founded the Comilla Banking Corporation at the suggestion of community leader Akhil Chandra Dutta with support from Mahesh Chandra Bhattacharya. He started the bank with a declared capital of 4,000 rupees and raised another 2,500 rupees. In order to raise the capital he sold his own house for 1,500 rupees. Initially he drew a monthly remuneration of eight rupees from the bank.Dutta did an economic survey of eastern India, and began investments in the tea industry. Through the Comilla Banking Corporation he began to issue loans to prospective investors in the tea industry for buying tea plantations and related properties.
After completing his studies, Dutta's eldest son Bata Krishna Dutta returned to Comilla
Comilla
Comilla is a city in south-eastern Bangladesh, located along the Dhaka-Chittagong Highway. It is the administrative center of the Comilla District, part of the Chittagong Division. The Eastern Wing of Bangladesh Highway Police is located in Comilla....
and joined the Comilla Banking Corporation as a trainee. After a few weeks Dutta suggested that Bata Krishna himself could run a bank himself and young Bata Krishna took up the challenge. In 1930, Bata Krishna Dutta took charge of the defunct Comilla Rice and Oil Mills Limited and established the New Standard Bank of India with an initial paid up capital of thirty thousand rupees.
In 1946, at the suggestion of Chintaman Dwarakanath Deshmukh
C. D. Deshmukh
Sir Chintāman Dwārakānāth Deshmukh, CIE , better known as C. D. Deshmukh, was the first Indian to be appointed as the Governor of the Reserve Bank of India in 1943 by the British Raj authorities...
, the then Governor of the Reserve Bank of India
Reserve Bank of India
The Reserve Bank of India is the central banking institution of India and controls the monetary policy of the rupee as well as US$300.21 billion of currency reserves. The institution was established on 1 April 1935 during the British Raj in accordance with the provisions of the Reserve Bank of...
, the New Standard Bank of India merged with the Comilla Banking Corporation, transferring all its assets to the latter. In 1950, Narendra Chandra Dutta along with Jyotish Chandra Das completed the merger of Comilla Banking Corporation and Bengal Central Bank and founded the United Bank of India.