Bank_of_Chettinad

Bank of Chettinad is a defunct bank that originated in the (Nattukottai Chettiar

) community.*1929: Two prominent Nattukottai Chettiar business family partnershi
ps established the bank with its Head Office in Rangoon and registered it as a p
rivate company in India and incorporated under the Indian Companies Act of 1913.
It was involved in many activities and was also closely associated with the Che
ttinad Corporation. *1932: It opened an office in Colombo. *1946: The Supreme Co
urt of Ceylon ruled that it was not a bank in that it primarily made loans on pr
omissory notes and mortgages and did not take deposits. *1963: The Burmese gover
nment nationalized all foreign banks and essentially drove out the large populat
ion of people of Indian origin, among whom there were many Chettiars. *1965: It
was voluntarily wound up.
Source Weerasooria, W. S. 1973. ''The Nattukottai Chettiar Merchant Bankers in C
eylon''.(Delhiwala, Sri Lanka: Tisara Prakasakayo).
Complied by N.Palaniapapn