Reserve Bank Begins Business
Bombay Office
Functions Taken Over From Imperial Bank
In Bank Street Bombay under an ironwork verandah, recalling more than one Shaftesbury
Avenue Theatre, is a new very large brassplate. Across the plate are written the
words "Reserve Bank of India". To right and left of the plate are open doors, for
the Bank is now open to the public and business is in full swing to the tune of
much hammering. The overpowering smell of fresh paint and the rushing to and fro
of new peons in new drab brown suits.
The building is a famous one having housed for many years the Bombay Head Office
of the Imperial Bank of India. It will become more famous now as the head office
in the west of India for the Reserve Bank. It is old fashioned as banking buildings
go, but has three roomy floors and ample space.
Managing this new concern is Mr. W.T. Mc Callum from the Imperial Bank of India.
He has a staff of 180. The Bank will have no branches but will work in mofusil through
the branches of the Imperial Bank. The Reserve Bank Head Office is situated in Calcutta.
Bankers' Clearing House
The Reserve Bank opened by taking over the Public Debt Office, the Public Accounts
Office and the Currency Department. It will not resume its full responsibilities
until July 1 when the accounts of the Scheduled Banks will be taken over under Section
42 of the Act. Within a few weeks it will take the Bankers' Clearing House. To counter
balance the removal of these important functions from the Imperial Bank of India
that Bank will extend more along the lines of the regular commercial banking firm.
It is now free to deal in exchange business whereas hitherto it hqad to work through
other banks. A start has not, however, actually been made.
It is also understood that the Imperial Bank will open a new department, which will
enable it to undertake the work of trustees and executors.
