Oudh Commercial Bank was established in 1881 in Faizabad. At the time, it was the first commercial bank in India having limited liability and an entirely Indian board of directors. It was a small bank that had no branches and that served only local needs.[1] It failed in 1958. Before it failed it acquired the Bank of Rohilkund (or Bank of Rohilkhand), which Sir Yusef Ali Khan, Nawab of Rampur (1832–1887), had promoted over the objection of local moneylenders.[2] It was established in 1862, just after the acceptance of limited liability for banks. Bank of Rohilkund was the first promoted by a princely state; it too was a small bank.[1]
