Thursday Doors: Banks in Mumbai

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Writing on doors has always been a challenge to me. Why? Because I generally write about history, culture, food, destinations and shopping. Thursday Doors is a different topic altogether. Also, connecting doors with my travel theme is a bit tricky, therefore I kind of enjoy this challenge.

Safety is what comes to my mind when I think of doors. So, this time I decided to focus on some of the bank doors in Mumbai. After all, we surely believe that our wealth is safe beyond those doors, isn’t it?

As a kid, I always loved a visit to the local bank with my parents. They both had accounts in different banks, therefore I get to visit two different banks. One of the reasons I loved those visits is because I get to experience the cool air conditioned air. In addition, it was a sort of luxury experience for me.

On entering the bank, I would stare at the large gun the security guard would have. In my mind, I would compare it with my own toy gun. Consequently, I also loved those changing token numbers displayed above the counter. Secondly, I wonder if kids today can experience all this in a world full of websites and apps.

If you ever want to explore the past of Mumbai a stroll down the lanes of the Fort area wouldn’t disappoint. It is among the oldest business districts in the city and home to some of the largest and oldest banks in India. Some banks have their headquarters here so you have much to explore. Most of these banks are around Saint Thomas Cathedral and close to Mumbai Samachar headquarters and Rhythm House.

Above all, the British era structures here make the entire area unique in its own way. Hence, if you are Mumbai you can come down here on a Sunday and explore the area without any crowd to bother you. On the other hand, if you prefer to experience the commotion, a busy Monday morning is just the right day. Let’s focus on these bank doors and the banks as well.

Allahabad Bank

This Kolkata-based nationalized bank is among the oldest joint stock bank in India. Established in 1865, Allahabad Bank was founded by a group of Europeans in the city of Allahabad. As a result, with 3245 branches all over India, Allahabad Bank is definitely one of the top banks in the country.

Central Bank of India

Established in 1911, this 108-year old bank is the first Indian commercial bank wholly owned and managed by Indians. The bank was a dream realized by Sir Sorabji Pochkhanawala (see stamp image below). Consequently, it was his idea to build a ‘Swadeshi Bank’ (national bank). The vision of the bank was to sustain on people’s faith and regard itself as the ‘people’s own bank’.

In addition, it is among the first banks in India to issue credit cards in the year 1980 in collaboration with MasterCard. Today, Central Bank of India has presence in 29 states of India with 4659 branches, 4886 ATMs, 10 Satellite Offices and 1 Extension Counter.

State Bank of India

The State Bank of India is definitely the largest bank in the country with 23% market share. Unlike other banks, this one has gone through quite a journey. The bank established itself in 1806 as the Bank of Calcutta (now Kolkata).

Three years later it was re-designed as the Bank of Bengal in 1809. As a result, it became the first joint-stock bank in the British India era sponsored by the Government of Bengal. Subsequently, similar things happened with The Bank of Bombay (1840) and The Bank of Madras (1843).

However, these three top banks were merged into one in 1921 and it became the Imperial Bank of India. After the independence of India, the Reserve Bank of India acquired it and rename it as the State Bank of India in 1955. Today, the State Bank of India has 22,414 branches all over India with 59,541 ATMs across the country.

HSBC

HSBC might not be the most popular bank in India, but it certainly has its presence in the country. Secondly, it is the largest bank in Europe and seventh largest bank in the world. However, in India, it mainly serves a higher middle class and elite business class customers considering the kind of services and charges they offer.

Also, it is very hard to find a HSBC ATM in Mumbai, unlike other banks that have better ATM network. That is to say they have around 26 branches all over India.

Standard Chartered

Another British multinational bank that has its presence in India is Standard Chartered. This particular building was earlier home to many local businesses. There are a few Indian heist movies shot here in this building.