Viceroy: Lord Linlithgow

The Age Of Stars

Two wars, a central bank, and the sterling balances.

Vol. LXVIIThe edition of 1941 · War and Depression7 records

Viceroy: Lord Linlithgow
Secretary of State: Leo Amery
Finance Member: Sir Abraham Jeremy Raisman
RBI Governor: Sir James Braid Taylor

founded

Hyderabad State Bank is founded

The central bank of Hyderabad State, set up by the Nizam's Government; it managed the state's Hali Sicca note issue, acted as the state's banker and (in 1947-48) held and operated the Government of Hyderabad's London accounts. It became State Bank of Hyderabad in 1956 and merged into the State Bank of India in 2017

ReportedOfficial record. Source: [2019] EWHC 2551 (Ch), paras 87–90 and Annex 1; founding date from press accounts only (e.g. The News Minute, 2017, ) (thenewsminute.com)

Banking

2 items

Indian Bank Act (proposals) · 1 June 1941

Indian Bank Act (proposals): Central Government concurred with the Governor that comprehensive banking legislation was inadvisable and that…

Central Government concurred with the Governor that comprehensive banking legislation was inadvisable and that an interim measure was urgent, but made no formal announcement in the Legislature or press

VerifiedOfficial record. Source: RBIH1 ch. 15

Banking companies

Interim banking measure (Companies Act s.277G)

Governor proposed amending s.277G to restrict the use of "bank" and its derivatives to companies carrying on banking and ancillary business as defined in s.277F, irrespective of when formed; Central Government concurred in June 1941 but made no formal announcement. In August 1941 the Government proposed instead an explanation to s.277F deeming any company using "bank" in its name to be a banking company

VerifiedOfficial record. Source: RBIH1 ch. 15

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