The Union Bank (1828)

The Union Bank was a bank founded in the year 1828 in British India by Prince Dwarkanath Tagore. The bank was the fourteenth oldest bank in India.

Founding
In the 19th century India, Prince Dwarkanath Tagore owned his own trading firm Carr, Tagore and Company. He then separated the financial activities of his firm into a separate banking company. As a result, the Union Bank was founded in 1828. The bank was formed by the merger of two other banks: The Commercial Bank and The Calcutta Bank.

Dwarkanath was the very first Indian to become a director of an Indian bank. All of the previous Indian banks had European directors and founders. Dwarkanath was assisted by his Parsi friend Rustomjee Cowasjee, a notable businessman.

The bank collapsed in 1848.