Sorabji Pochkhanawala
Sir Sorabji Nusserwanji Pochkhanawala | |
|---|---|
| Born | Template:Birth date Bombay, India |
| Died | July 4, 1937 (aged 55) |
| Occupation | Banker |
| Known for | Founder of the Central Bank of India |
Sir Sorabji Nusserwanji Pochkhanawala (9 August 1881 – 4 July 1937) was a distinguished Indian Parsi banker and the initiator of the Central Bank of India.
Early life
Sorabji was born in Bombay to Nasserwanji Pochkhanawala and Bai Gulbai. At the age of six, he lost his father, and the family faced financial hardship when their savings were wiped out due to a bank collapse. His older brother, Hirjibhoy, who worked as a clerk at the Chartered Bank of India, Australia and China, became the primary supporter of the household. Sorabji completed his matriculation from Bombay University in 1897 at sixteen but discontinued his studies at St. Stephen's College after not passing his initial examinations.
With assistance from his brother, he secured a position as a clerk at the Chartered Bank, earning Rs. 20 monthly. He pursued a course in bookkeeping and successfully cleared the London Chamber of Commerce examinations. Motivated by reading the Journal of the Institute of Bankers, London, he aimed for their professional banking qualification, eventually becoming the first Indian to achieve Certificated Associate status despite encountering racial discrimination.
After serving seven years with the Chartered Bank, he moved to the newly formed Bank of India in 1905 as an accountant. By this time, he had become aware of British dominance within Indian banking and aspired to establish a bank entirely owned and operated by Indians to promote indigenous financial autonomy.
In 1910, Sorabji married Bai Sakarbai Ruttonji; together they had two sons and three daughters.
Central Bank of India
With financial support from his business associate Kalianji Vardhaman Jetsey, Pochkhanawala enlisted prominent Indian figures to back his concept of an Indian-owned bank. After securing a location and assembling a board that included leading Hindu, Muslim, and Parsi merchants, they appointed Parsi barrister Sir Pherozeshah Mehta as chairman. The Central Bank of India officially commenced operations on 11 December 1911 with an initial capital of 50 lakh rupees divided into shares priced at 50 rupees each; 40,000 shares were rapidly subscribed. Within its first week, more than seventy accounts were opened with deposits totaling 1.5 lakh rupees.
Pochkhanawala directed the Central Bank from its foundation until 1920 and subsequently served as managing director. In 1921, he was appointed to the Government Securities Rehabilitation Committee.
Reflecting on establishing India's first Swadeshi Bank, he remarked:
Knighthood and later life
In recognition of his significant contributions to banking in India, Pochkhanawala was knighted during the 1934 King's Birthday Honours and received the formal investiture at Viceroy's House on 1 March 1935 by the Viceroy, the Marquess of Willingdon. That same year, he chaired the Ceylon Banking Enquiry Commission under appointment by the Government of Ceylon. He passed away on 4 July 1937 at age 55 following an illness.