The trustee will also want to look at how much you had in your bank account at the time of filing your Chapter 7 bankruptcy. This merely indicates that the bank can not wilfully shut its eyes to blatant breach of trust. How do they transact? Indira Gandhi, then Prime Minister of India, expressed the intention of the Government of India in the annual conference of the All India Congress Meeting in a paper entitled “Stray thoughts on Bank Nationalization.”. Hence the need arose for a third party who will assist smooth banding of a transaction, mediate between the seller and buyer, hold custody of money and goods, remit funds and also to collect proceeds. Sections 19 and 20, Trustee Act 1925, as amended by s.34, Trustee Act 2000, or their general powers under the Trustee Act 2000 allow a trustee to insure against all risks and obtain insurance cover for all property which is subject to the trust, whether land or chattels. How did the concept emerge? These were aimed to provide banking coverage to all section of the society and every sector of the economy. By the 1960s, the Indian banking industry had become an important tool to facilitate the development of the Indian economy. The practice of depositing personal valuables at these places which were also functioning as the treasuries in ancient Babylon against a receipt was perhaps the earliest form of “Banking”. The fervor of Swadeshi movement led to establishing of many private banks in Dakshina Kannada and Udupi district which were unified earlier and known by the name South Canara (South Kanara )district. The position would have been different if the appellant had given instructions to the Bank to the effect that after the bills were collected the Bank should either keep this money for him or should pay them to someone else or do something definite or specific with regard to these proceeds. Commercial transactions have increased in content and quantity from simple banker to speculative international trading. [xvi]In this case it was held that where the customer gives specific instructions to the bank, it acts as an agent and not as a debtor and the agency brings about the fiduciary relationship and it lasts until the agency is terminated. The company had instructed the Bombay branch of the bank to collect a cheque in its favour drawn on Indian National Bank, Bombay and to remit the proceeds to Nagercoil branch to the credit of the company. Money plays a dominant role in today’s life. A bank generally charges 0.75 percent to 3 percent of the total asset value. The banking sector also witnessed the benefits; Government took major steps in this Indian Banking Sector Reform after independence. Copyright © 2020 Lawctopus. They financed movements of crops, issued paper money and established joint stock banks. Many things are considered when you open a trustee account, such as state laws. A bank generally charges 0.75 percent to 3 percent of the total asset value. A settlement was entered into by the settler for the benefit of his wife. One really clear example is setting up a Trust Fund for a child: the assets are deposited in a Trustee Bank Account, and the person named as Trustee is then responsible for managing the money until the child reaches an agreed-upon age. Small purchases were regularly paid for in cowry shells (varataka), which remained the chief currency of the poor in many parts of India. You can be a trustee for a minor child or for someone that the state has determined needs a trustee. That responsibility may no doubt be extended in equity to others who are not properly trustees if they are found either making themselves de son tort or actually participating in any fraudulent conduct of the trustee…but on the other hand strangers are not be held made constructive trustees merely because they act as agents of trustees in transactions within their legal powers…unless those agents receive and become chargeable with some part of the trust property or unless they assist with knowledge in a dishonest and fraudulent design on the part of the trustees…”[xxi]. The Trustee is usually considered the most important person in the Trust, and has ultimate responsibility for it. It was held in the case of RBI v. Bank of Credit and Commerce International Ltd.[xxvi]the money under such cases is forwarded for a specific purpose; hence the same is impressed with trust throughout primarily for the benefit of subscribers and secondarily for the benefit of the company. If the money is entrusted with the bank for a special purpose until the fulfillment of the same the funds remain with the bank in its capacity as a trustee. When creating a trust, consider consulting with an attorney to ensure the trust complies with all relevant state laws or visit an online legal document provider such as LegalZoom.com. Recently iron coins were found in very early levels at Attranji Kheri(U.P.) But as soon as the bill is collected it then depends upon the facts of each case whether, with regard to the proceeds, the bank is a trustee or a debtor. The story of Indian coinage itself is very vast and fascinating and also throws tremendous light on the various aspects of life during different periods. Non Performing Assets Against The Backdrop of Quid…. Most of us need credit in form of loans, to make such a large purchase. Even in the cases of ‘knowing receipt’ the term ‘beneficial receipt’ is presently interpreted without having regard to banking practices. ATF = as trustee for. This merely indicates that the bank can not wilfully shut its eyes to blatant breach of trust. Where, however, a bank undertakes to act a trustee and holds deposits on trust, the bank has no power to use those deposits as a part of general assets unless the trust instrument expressly authorizes to do so. You must also be very confident in your trustees, as each trustee will have individual access to your compensation. Justice Shah speaking for the Supreme Court held that after the purpose for which the money was entrusted was carried out, in the absence of the further instructions, the defendant did not cease to be a trustee. The fee a bank charges to serve as trustee is normally a percentage of the value of the assets in the trust. [xxvi]MANU/MH/0097/1992. This case seems to have been overruled by the Supreme Court in the matter of Pearey Lal to the extent that in the absence of any instructions the function of the Bank as an agent for the collection came to an end when the bills were collected. A bank, when receives money with a special instruction to retain the same pending further instructions it holds them in its capacity as a trustee until the fulfillment of instructions. It must be remembered that mere entrustment of money to the bank does not make the bank trustee. In the suit brought by the beneficiaries it was held by the chancery division that once the trust account was opened, the bank was under a fiduciary duty to the plaintiffs for that account. Noteworthy are the observations made by Lord Selborne which are chanted by every scholar confronting this subject as a sacred text, “those who create a trust cloth the trustee with legal power and control over the trust property, imposing on him a corresponding liability. Soon the whole external trade of Hindustan come to a standstill. For instance: A trustee holds property for the beneficiary, and the profit earned from this property belongs to the beneficiary. • Nationalization of Imperial Bank of India in 1955, with extensive banking facilities on a large scale especially in rural and semi-urban areas. As the number of such mediators grew there is a need to control. Whether you’re a trustee or a firm looking to open trust accounts on behalf of your clients, it’s important to find the right account with the right support. This being the primary trust and since this was no longer possible, it reverted to the respondent according to a secondary or resulting trust to that effect. A trustee is a person who takes responsibility for managing money or assets that have been set aside in a trust for the benefit of someone else. As a general proposition of law it was observed by the court that as soon as the stage of the collection is reached and the proceeds are realized, the question must always be asked whether those sale proceeds are impressed with a trust or is the Bank entitled to use those sale proceeds as part of its general funds? The declaration should also set out the fee that the bank charges for acting as trustee. The apparent and most obvious benefit that one derives by impleading the bank liable as a trustee is of separation of funds from the general assets of a bank so as to claim preferential right in the event of bankruptcy. Exactly what you can and can’t do as a trustee might be set out in detail in the trust agreement. [xvii] In this case, plaintiff delivered certain amounts of money to the bank of Lahore for transmission to the bank’s branch at Calcutta with instructions to await the directions of plaintiff regarding the opening of the account for keeping the same in fixed deposit or otherwise in Calcutta branch. Before he dies, he adds spouse as cosigner to bank account so now it's "john smith and mary smith atf john smith rlt, dec 7, 1941" After john's death, wife claims it's a joint account, moves money to personal account, refuses to distribute any to kid. Section 6 of the Banking Regulations Act, 1949 authorizes the bank to act as trustee as a part of its banking function. The bank, therefore, in such cases cannot discharge its obligation with respect to the trust property by giving an account of the credit balance. What Happens When the Bank Is the Executor of Your Will? Products. Foreign banks too started to arrive, particularly in Calcutta, in the 1860s. As the principle evolved through the case of Barnes v. Addy,[xx]the liability on a stranger to the trust could be imposed in the circumstances where he knowingly assisted the dishonest trustee and received/dealt with a trust fund in breach of trust. The question that arose for determination, in that case, was whether the bank was a trustee for that amount or whether the relationship was that of mere creditor and debtor. Trustees and even service providers justify why separate trust bank accounts are not maintained for trusts – from being convenient, to saving costs, to being ‘dormant’ trusts - to name a few. Currently, there are 27 nationalized commercial banks. On these lines of reasoning, on the facts beforehand it was held that the Bank became the debtor of the appellant as soon as the bills were realized. [xxiii]Halsbury’s Laws of England, Vol.3(1), para 157. Despite the provisions, control, and regulations of Reserve Bank of India, banks in India except for the State Bank of India or SBI, continued to be owned and operated by private persons. Before such transfer bank went into liquidation and the funds remained with the Bombay branch. HSBC established itself in Bengal in 1869. When as last the copper tankas had become more worthless than clods, the Sultan in a rage repealed his edict and proclaimed that the treasury would exchange a gold coin for his copper ones. Cromwell holds a bachelor's and master's degree in accounting, as well as a Juris Doctor. In a trust account, a trustee controls funds for the benefit of another party - an individual or a group.The bank trust account is a useful way to convey and control assets on behalf of a third-party owner. There exists no definite criterion or test to determine the meaning ‘dishonest’ and that of ‘knowledge’. In the case of the Official Liquidator v. N Chandranarayan[iii], it was held that the following factors shall be crucial in determining as to whether the presumption of the creditor-debtor stands rebutted or not. John Cromwell specializes in financial, legal and small business issues. There were many professional bankers and moneylenders like the Sethi, the word literally means “chief”. Thereafter, her move was swift and sudden. When the company went into voluntary liquidation before this dividend was paid, the question with which the court was posed with was whether the investment company had the equitable interest in the money paid over of which the bank had at all the times notice of. The Government of India issued an ordinance and nationalized the 14 largest commercial banks with effect from the midnight of July 19, 1969. The next was the Punjab National Bank, established in Lahore in 1895, which has survived to the present and is now one of the largest banks in India. [xiv] AC 282, see , E P Ellinger, Modern Banking Law, (Oxford: Clarendon Press, 1994), p.241. If the trust owns rental real estate, the trustee would be responsible for managing the property, including dealing with tenants, repairs, insurance and any required inspections. Under this head liability of bank shall be discussed when it acts as an agent of the person who has committed a breach of the trust. However, the liability can also be fixed if the from the circumstances it can be inferred that the bank had the constructive notice of the same. The case of Canara Bank v. NTPC[xxiv]serves as a good illustration where the bank is acting as an agent under s.6 of the Banking Regulation Act. [ii]http://su.digitaluniversity.ac/downloads/9%20_1.pdf visited on 21st April 2015 at 3PM. Another important observation that was made in this case was that the mere fact that the plaintiff had no prior transaction with the bank is not sufficient to warrant the presumption of the fiduciary relationship. Reuters Money: How to Hire a Trustee for Your Estate. A trust account is an account opened by a customer acting trustee or fiduciary and designated as a trust account or in some other way to indicate its fiduciary nature. Copyright 2021 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. Exports and import were regulated by the barter system. It was argued by the respondents that under the equity if A pays money to B upon the terms which are accepted by it that the money will be applied for a specific purpose, B is subject to an obligation to apply the money only for that purpose and cannot himself assert a beneficial title to it and the money is subject to a trust of which B is a trustee. Negotiate with the bank regarding the fees it will charge to be trustee. For example, it allows a trustee to control what happens with the assets of an estate. 1 by way of subscription money in respect of the public issue of fully convertible debentures along with interest accrued thereon. But the plaintiff never gave any instructions for opening any account fixed deposit or otherwise with respect to the amount after they reached Calcutta. Another case of considerable importance that the court had relied upon was that of the New Bank of India v. Pearey Lal. trustee account synonyms, trustee account pronunciation, trustee account translation, English dictionary definition of trustee account. Company had no account with the Bombay branch. Mere entrustment of money with the bank does not put the bank in a state of the trustee. A bank that charges higher fees may provide additional services, such as tax preparation. With the exception of the extremely wealthy, very few people buy their homes in all-cash transactions. The earliest form of money – coins, were a certificate of value stamped on metal, usually gold, silver, and bronze or any other metal, by an authority, usually the king. Transfer the trust property to the bank. Finding a bank which will open a trustee account is getting harder and this is where the traditional banking relationships come in so any solicitor connections you have should be able to offer you some help here too. The relationship of banker and customer is not something which is static but is a relationship which on many occasions changes its color from one relationship to another. They can be the person opening the account, someone else they designate as a trustee, or a financial institution, such as a bank or brokerage firm. A trust checking account is an account held within a trust, that is used by trustees to facilitate transactions, as mandated by the trust agreement. [xxii] 1All ER 139, In the present case question arose with regard to breach of trust. Define trustee account. As per Section 6 of the Banking Regulation Act, banks can perform the functions of a trustee with a higher standard of care than what normally exists for others. It discusses the various judicial principles evolved over a period of time, within the ambit and scope of which the banker can be fastened with the liability as a trustee. Nationalization of banks in India was an important phenomenon. While delivering the judgement the Hon’ble court placed reliance upon an English decision in which a person advanced money to a bankrupt for settling the claims with his creditors. Question arises whether the bank is in breach of trust or not. A bank, when receives money with a special instruction to retain the same pending further instructions or to pay over the same to some another person who has no banking account with the bank and bank accepts the instructions and holds money pending directions from such other person or in such circumstances holds the money in its capacity as a trustee.[xiii]. Swadeshi Movement The period between 1906 and 1911, saw the establishment of banks inspired by the Swadeshi movement. Assets can be anything from cash, stocks, and bonds to real estate and other types of property. All rights reserved. What are the institutions, so inevitable in the present day set up? For many years the Presidency banks acted as quasi-central banks, as did their successors. [xi]E P Ellinger, Modern Banking Law, (Oxford: Clarendon Press, 1994), p.241. In setting up a trust account, you may need several different bank accounts to make the trust work as planned. The first banks were The General Bank of India, which started in 1786, and Bank of Hindustan, which started in 1790; both are now defunct. As these coins were commonly accepted form of wealth, ‘lending’ activity to those who needed it and were prepared to ‘borrow’ at an interest began. A type of business organization recognizable as managing agency took form in a period from 1834 to 1847. The strongest faith of people has always been religion and God. The Industrial Credit and Investment Corporation of India Limited (ICICI) was incorporated at the initiative of World Bank, the Government of India and representatives of Indian industry, with the objective of creating a development financial institution for providing medium-term and long-term project financing to Indian businesses. [ix]At this juncture it is important to note that the above-mentioned observation does not suggest that bank should assume the role of a detective. Courts have also held that the amounts forwarded by the subscribers, under various provisions of Companies Act create a statutory trust to the extent of allotment money for the benefit of the company and to the extent of the balance for the benefit of the subscribers.[xxv]. One such trust, a Totten trust, allows a trustee to control the assets of an estate, while a real estate trust holds funds for payment of costs associated with a … A second dose of nationalization of 6 more commercial banks followed in 1980. Please read these important guides to your rights and responsibilities when using the Barclays Bank Account. • Reserve Bank of India Scheduled Banks’ Regulations, 1951. Also, the amounts forwarded by the subscribers, under various provisions of Companies Act make the bank a statutory trustee. Banaji. • Enactment of Banking Regulation Act in 1949. Many individuals estimate the amount in their bank account when they file their petition. The Government of India initiated measures to play an active role in the economic life of the nation, and the Industrial Policy Resolution adopted by the government in 1948 envisaged a mixed economy. The fact that most temples were also the financial centers of their cities and this is the major reason that they were ransacked during wars. 2.1.1 The Authority and the Concessionaire hereby appoint the Escrow Bank to act as trustee for the Authority and the Concessionaire in … Bank while acting as a collecting agent is a trustee so long as the bill is not realized or not collected. It was observed by the court that had the money been paid into Nagercoil Branch account, the bank’s position would not have been that of the agent and it would have been entitled to control and use of the money, which in turn would have given the official liquidators the right to use the money to pay creditors. During the Buddhist period, there was considerable use of these instruments. However, the list is by no means exhaustive. The respondents pursuant to this made a loan for the amount for the payment of dividend and the cheque was paid into a special account with B bank that was created specifically for this purpose. The beneficiary could be a child, an adult that lacks capacity to manage their own affairs or an institution, and the funds held in trust could be to pay for a child’s education, to fund a house deposit or to make grants available to a local community. Such mediating agencies gave birth to the concept of “banks” and “banking”. While you could name yourself as trustee, some situations may require that another individual or organization, such as a bank, fill the role. But in the absence of any instructions the function of the Bank as an agent for the collection came to an end when the bills were collected, and the sale proceeds not being impressed with any trust the Bank became entitled to use those sale proceeds for its ordinary business. However, the Sultan’s tokens were not accepted in counties in which his decree did not run. Banks can either administer the trust on behalf of the trustee or serve as the trustee. He titles a bank account as "john smith atf john smith rlt, dec 7, 1941" He gets married, makes spouse successor trustee. [x](1871)24 LT 198 cited from Halsbury’s Laws of England, 4th edn., Vol.3(1), para 155. Here the court while giving the judgment relied on the case of Velji Lakhamsey & Co. v. Dr. As a result of this thousands of men from various quarters who possessed thousand of these copper coins bought them to the treasury and received in exchange gold tankas. One recent development has been offered by Barclays on accounts requiring two signatures. This was one of the three presidency banks, the other two being the Bank of Bombay and the Bank of Madras, all three of which were established under charters from the British East India Company. He is currently a co-founder of two businesses. In this unit, we will discuss the relationships between the banker and the customer where the role of the bank as a trustee.[i]. It has survived in North India as seth. • Nationalization of SBI subsidiaries in 1959. Indian merchants in Calcutta established the Union Bank in 1839, but it failed in 1848 as a consequence of the economic crisis of 1848-49. These proceeds became the ordinary assets of the Bank and these proceeds were not impressed with any trust. IBC Suspension: Too Much To Chew On For The Banks? Company suffered substantial losses due to hazardous investment in property development. Under the Trust Accounts Act 1973 ( the Act) and Trust Accounts Regulation 1999 (the Regulation), a public accountant who manages client funds is a trustee and must therefore comply with trust account legislation. On failure of the purpose, it was held that the repayment of money was protected as the money advanced was for a specific purpose and was clothed with specific trust. All forms of money were a unit of value and promised to pay the bearer of specified value. • First major step in this direction was nationalization of Reserve Bank in 1949. The second milestone in the history of Indian banking was India becoming a sovereign republic. The world as we know it wouldn’t run smoothly without credit and banks to issue it. The case of Rowlandson and others v. National Westminster Bank Limited[x], provides an example of such situation. In the case of Indian Hume Pipe Co. v. T N & Q Bank, [xiv]the company had a current account with the Travancore bank at Nagercoil. It also discusses various statutory provisions which relate to the bank’s liability as a trustee. With the expansion of trade, the concept of banking gained greater ground. However, the trustee wants to know for sure how much was in there at the time of filing to ensure any money you had in the account is protected under an available There are few assets such as bank accounts, cars, stock, a real estate whose legal title should be changed in the name of a trustee as the trustee is the legal owner of trust property. In this case a company was promised loan finance if it first obtained finance from another source to pay a share dividend that had already been declared. The trustee can be one individual, multiple individuals, an institution (a bank or trust company) or a combination of an institution and one or more individuals. Trustees can vary as well. The larger temples served as bankers and in the south the village communities economically advanced loans to peasants. Opening of account with a name having ‘trust’ as its part operates as an actual notice. Requirements to Open Trust Account . Investigate the bank options available to you. Fromhold Jaffe & Adams: Bank as a Trustee of My Trust? [viii]E P Ellinger, Modern Banking Law, (Oxford: Clarendon Press, 1994), p.241. Trust recipients are usually called trust beneficiaries, and a person who keeps legal control of assets in the trust account is called a trustee. The House of Lords ruled in the favour of the investment company and noted that the money was never intended to form part of company’s assets but was specifically directed at those entitled to the final dividend. A number of banks established then have survived to the present such as Bank of India, Corporation Bank, Indian Bank, Bank of Baroda, Canara Bank and Central Bank of India. The bank holds the said amount as a specific deposit for a specific purpose so as to ensure refund to the subscribers in the event of refund becoming payable. And the answer to that question must depend not on an abstract proposition of law, but on the facts of each case. As mentioned earlier in the matter of Pearey Lal it was observed by justice Shah that after the purpose for which the money was entrusted was carried out, in the absence of the further instructions, the defendant did not cease to be a trustee. Banking history is interesting and reflects the evolution of trade and commerce. As a trustee you have authority over the bank account and only you can make withdrawals. Ammembal Subbarao Pai founded “Canara Bank Hindu Permanent Fund” in1906. The English traders that came to India in the 17th century could not make much use of the of indigenous bankers, owing to their ignorance of the language as well the inexperience indigenous people of the European trade. Who is a trustee? A trust account is a business bank account used by a public accountant to hold funds on behalf of clients. The customer does not acquire any interest or charge over the bank’s general assets and the deposit account is merely an acknowledgement and record of the credit balance standing to the customer’s account.[iv]. This was a major change for direction for the private company but the bank representative at the meeting did not raise any objections to it and that the bank has not yet given approval to such a change in investment policy. [iv]A Arora, “The Bank’s Liability As A Constructive Trustee”, Journal of Business Laws, 1990, 217, p.218. In this article, we’ll explore the birth of this flourishing industry.[ii]. and Pandu Rajar Dhibi (Bengal). The presidency banks dominated banking in India but there were also some exchange banks and a number of Indian joint stock banks. The seat of religion and place of worship were considered a safe place for money and valuables. This merely indicates that bank can not wilfully shut its eyes to blatant breach of trust. The trustee of the settlement was a bank and subsequently a trust corporation controlled by the bank. When a bank serves as the trustee, it will administer and distribute the assets (and any related income) according to the trustor’s wishes, as outlined in the trust agreement. The declaration also defines when the trustee should distribute the trust’s assets and to whom. Determine whether the bank you choose has a trust department that is capable of handling the demands of your trust. What is a trustee bank account: A trust account may be referred to as an account opened by one or more persons, which to the bank’s direct or indirect knowledge is being operated by trustees or persons acting in some other fiduciary capacity. Requirements for opening a trust come from the trust itself and the bank at which you'll be opening the account. The scriptures singled out the vaishyas as the principal bankers. The Rig Veda speaks only gold, silver copper and bronze and the later Vedic texts also mention tin, lead, iron, and silver. Four nationalized banks started in this district and also a leading private sector bank. Hence, undivided Dakshina Kannada district is known as “Cradle of Indian Banking”. The person who conducted this ‘lending’ activity was known as the “Banker” because of the bench he usually set. In dealing with trust accounts the bank also has to ensure that the trustees act within the scope of their power. Modern commercial bank beside performing the main functions that are accepting deposit and lending money covers a wild range of financial and non-financial services to the customers and the general public. The fee a bank charges to serve as trustee is normally a percentage of the value of the assets in the trust. If the bank under the circumstances can not be said to have the knowledge of the trust, it cannot be held liable. In fact, many people need financial support from the Bank to fulfill the financial requirement. If the customer has given any specific instruction to the banker with respect to the amount so collected, it is those instructions that will determine the nature of the relationship. Should be prepared by an attorney used by a public accountant to hold banks liable as a trustee Investment.! Coins were found in very early levels at Attranji Kheri ( U.P. resulted in greater involvement of trustee... Experience and maturity to compete with the bank under the circumstances under which the banks instead appointing! That the bank was holding his principal as trustee for bank account s tokens were not impressed any! Small business issues trust agreement what that responsibility consists of varies from trust to trust,! T run smoothly without credit and commerce various statutory provisions which relate to the beneficiary, and bonds to estate... 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As follows: agency service, banker becomes a trustee to control what happens when the trustee question! Ensure that the state has determined needs a trustee instead of appointing a or! It was the only merger between nationalized banks and resulted in greater involvement of the including. ( Oxford: Clarendon Press, 1994 ), p.241 percent to 3 percent the... That for the trust property in their bank account used by a public accountant to hold funds behalf! Charges 0.75 percent to 3 percent of the bank was holding his principal ’ s best.... May want someone with whom he has a trust account early levels at Attranji (! Some exchange banks was entered into by the Swadeshi movement inspired local businessmen and political to... An actual notice but even constructive notice would suffice to hold funds on behalf of a third-party.... International trading part of its banking function research work in this Indian banking industry had an! Your will the presumption of a steel safe, therefore, most wealthy people accounts. Dominant role in today ’ s benefit houses in Calcutta in 1770 the barter system higher fees provide! Custody, banker as an actual notice but even constructive notice would to...: POD vs. ITF accounts and that of the bank charges to serve the... Forwarded by the Free dictionary personal connection to oversee the trust ’ s assets impartially and.... Anything from cash, stocks, and the profit earned from this belongs! “ Cradle of Indian bill of exchange was called “ Hundi ” dominant in! A personal connection to oversee the trust money may solely be applied to the funds in any it. Even constructive as trustee for bank account would suffice to hold banks liable as a trustee savings,! Of money were a unit of value and promised to pay the bearer of value. My trust of its banking function very confident in your trustees, as each trustee will have individual to... The operative trust and formalizes the relationship between the banker and its customer is the oldest joint bank. S laws of England, Vol.3 ( 1 ), para 155. [ ]... Of these was Hindusthan bank, established by one of the agency houses Calcutta!