GIPE-PUNE-OIIOI2 - DSpace@GIPE

THE BANK' CAPITALISM OF YOUNG BENGAL 83
Rs. 500,000. What is the number of such "larger"
joint-stock banks to-day (in 1929) ? It has reached
the figure 33, the capital and reserve amount to
Rs. 115,351,000 and the deposits to Rs. 627,203,000.
Evidently this simple arithmetic will convince everybody
that India has been able to accomplish something
mentionable during the period of the Swadeshi movement.
The figures tell us two things, namely, (1) that in bank
capitalism, so far as the larger credit institutions are con ...
cerned, the Indian people (1929) = 7.1 Indian people
(1905). In 1929 there are 7.1 times as much capital and
reserve in larger Indian banks as in 1905. (2) That in
deposit banking, so far, again,.as the larger institutions are
concerned, the Indian people (1929) = 5.2 Indian people
(1905). There are 5.2 times as much deposit in larger
Indian banks as in 1905.
These two equations, both indicating, as they do, a
rise in the curve from 1905 to 1929 acquire a special significance
when we consider that the population of India
has not increased 7. 1 times nor even 5.2 times in the meantime.
We understand, then, that per head of population
there is noticeable a growth both in bank-capital as well
as in bank-deposit. The development of banking habit
may then be taken to be an established socio-economic
fact of the last quarter of a century.
Industrialization 0/ India in Cotton (1905-31)
We need not discuss the smaller and other Indian
banks for the present, but ;t is possible to assert that
lndia's progress in joint-stock banking has indeed been
parallel to the success in our Swadeshi movement in regard
to the cotton textile industry .. It is not necessary to