An archive showcasing the history of banking in India was inaugurated at the local headquarters of the State Bank of India on Sunday.

The archive, spread over 7,500 sq ft on the 11th and 12th floors of Samridhi Bhavan, on Strand Road, will be open to the public on Saturdays and Sundays and bank holidays.

“We will not be able to keep the archive open on working days since we have an office in the building. There will be a small entry fee, Rs 5 or Rs 10. The money will be donated to social causes,” said Ashok Mukund, chief general manager (Bengal Circle) of the bank.

The exhibits date back to 1770, when the city-based Bank of Hindostan issued the first paper currency note in the country. Among the early customers, Iswar Chandra Vidyasagar invested in government securities. He also borrowed from Bank of Bengal as did Dwarkanath Tagore. A cheque by governor-general William Bentinck had bounced because his balance at the bank fell four annas short.

“We have spent over Rs 1.5 crore to create the archive. It portrays the early days of the banking industry as well as the social life at that time,” said the State Bank of India (SBI) chairman O.P. Bhatt.

The documents show that banking was not meant for the common man in the early days. The banks targeted the rich. They didn’t offer savings account until 1902. Before that, a person could open only a current account or take a loan on a deposit.

In the 1840s, a khazanchee (accountant) of a bank would earn a salary of Rs 1,000 per month. An Indian apprentice would get between Rs 18 and Rs 40 per month. A European would get about Rs 6,000 a month.

The idea of setting up an archive was mooted by former SBI chairman R.K. Talwar in 1975. History cells were created in offices of the bank and economist Amiya Kumar Bagchi was entrusted with the responsibility of writing a history of the SBI.

The third volume of the history has come out this year. The final volume will be published next year.