Palai Central Bank was a commercial bank that functioned with its headquarters in Kerala, South India during the middle of last century. Although it was started in a small remote town, the Bank grew up to become not only the biggest bank but the biggest institution in Kerala, after the state Government, and the 17th largest among the 94 scheduled banks in India. It was ordered to be liquidated in 1960 by Kerala High Court on a petition moved by the Reserve Bank of India.
From the time of its founding in 1927 to its closure in 1960, the Bank had an eventful period. The history of the Bank gives an insight into a period of history preceding and immediately following India’s independence, when Kerala – a small State in the far south – could exert only very little influence in the nation’s capital. It was also a period when the need for protecting the interests of different segments of society was not a major consideration when policy decisions were taken by the Central Government.
Read more about Palai Central Bank: Beginning, Dominant Position, Hurdles, Banking Crisis, Political Fallout, References
Famous quotes containing the words central and/or bank:
“It’s easy to forget how central the French people are in everything we mean when we say Europe.”
—John Dos Passos (1896–1970)
“The prairies were dust. Day after day, summer after summer, the scorching winds blew the dust and the sun was brassy in a yellow sky. Crop after crop failed. Again and again the barren land must be mortgaged for taxes and food and next year’s seed. The agony of hope ended when there was not harvest and no more credit, no money to pay interest and taxes; the banker took the land. Then the bank failed.”
—Rose Wilder Lane (1886–1968)