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October 23, 2018

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Trade and Commerce in Ancient India

September 17, 2018

Trade and Commerce in Ancient India During ancient times Hindus were the masters of the seaborne trade of Europe, Asia and Africa. Till about the beginning of the 18 th century almost every nation on earth obtained to a large extent its supplies of fine cotton and silk fabric, spices, indigo, sugar, drugs, precious stones and many curious works of art from India in exchange of gold and silver. This traditional prosperity of India began to vanish only at the dawn of the Industrial Revolution in the west. In industrial production ancient India was far ahead in comparison with other countries of those times. According to Prof. Webe...

History of Banking in India – Introduction

November 19, 2018

History of Banking in India – Introduction According to the Banking Companies Act of 1949, Banking is defined as, accepting for the purpose of lending or investment of deposit money from the public, repayable on demand or otherwise and withdrawable by cheque draft, order or otherwise. It also defines Bank as an institution dealing in money and credit. It safeguards the savings of the public and gives loans and advances. The main functions of the banking sector are as following: It provides liquidity for economic growth of a country It acts as the main pillar of the whole financial system It offers safety for the depositors who want to deposit their savings in the Bank It offers liquidity for the borrowers both on short and long-term basis base...

Brief History of Insurance in India

November 20, 2018

Brief History of Insurance in India In India, insurance has a deep-rooted history. It finds mention in the writings of Manu ( Manusmrithi ), Yagnavalkya ( Dharmasastra ) and Kautilya ( Arthasastra ). The writings talk in terms of pooling of resources that could be re-distributed in times of calamities such as fire, floods, epidemics and famine. This was probably a pre-cursor to modern day insurance. Ancient Indian history has preserved the earliest traces of insurance in the form of marine trade loans and carriers’ contracts. Insurance in India has evolved over time heavily drawing from other countries, England in particular. 1818 saw the advent of life insurance business in India with the establishment of the Oriental Life Insurance Company in Calcutta. This Company however failed in 1834. In 1829, the Madras Equitable had begun transacting life in...