Bank History (Nirav Shah)

Banking and History Geek. Juggler 🤹‍♀️ Shuffler 🔀 Building banking & beyond banking platform for MSMEs @Axisbank.

[Bank History (Nirav Shah) @BankHistory]

The Story about Banking. Here's my attempt to simplify banking jargons! Do share if you like it.

https://t.co/olz31LEcph

[Bank History (Nirav Shah) @BankHistory]

But every choice carries a bill.
Deep state control later brought directed lending, weak accountability and mountains of bad loans. So now India is reversing. IDBI is being put on the block and LIC is listed
From seizing banks in 1969 to selling them in 2026. The wheel turns. 🇮🇳

[Bank History (Nirav Shah) @BankHistory]

51 years ago today, Indira Gandhi declared Emergency. Everyone remembers the politics of 1975. #Emergency1975HauntsIndia

But there is an economic story sitting right next to it that nobody talks about. The same era that seized people’s rights had already seized their bank. 🧵

[Bank History (Nirav Shah) @BankHistory]

A second round followed in 1980. Six more banks nationalised, taking state control past 90% of all banking.
This is why PNB, Bank of Baroda, Canara, Union Bank and so many others are government banks even today. One era reshaped the entire sector.

[Bank History (Nirav Shah) @BankHistory]

So the same man was present both times Europe broke the pound. Once as the junior bag carrier, once as the PM who pulled the trigger.

And 10 years on, the pound still has not recovered. It sits about 10% below its pre-Brexit level against both the dollar and the euro.

[Bank History (Nirav Shah) @BankHistory]

Today is 10 years since the Brexit vote, the day the pound had its worst fall in modern history.

But here is the strange part. This was the SECOND time Europe broke the pound.
And both times, the very same man was standing in the room. 🧵

[Liz Webster @LizWebsterSBF]

The Brexit tide has turned

🗳️ Latest poll:
🔵 Remain: 52%
🔴 Leave: 29%
⚪️ Wouldn’t vote: 11%
⚪️ Don’t know: 8%

But if you remove the non-voters, real result is:

✅ Remain: 64%
❌ Leave: 36%

That’s nearly a 2:1 margin to rejoin.
Mandate gone.

#Rejoin #BrexitReality #EU

[Bank History (Nirav Shah) @BankHistory]

Fast forward 24 years. That same David Cameron is now Prime Minister in 2016.
He calls a referendum on Europe.
24 June 2016.

The result lands. The pound falls off a cliff, from 1.48 to 1.32 against the dollar, its worst day in modern history. By that morning, Cameron had quit.

[Ananth Narayan @ananthng]

Great to hear @RBI Governor Malhotra reiterate in his interview with @ETNOWlive - loans create deposits, not the other way around. Super crucial lesson for students of finance, and the subject of my pinned post! Also, here's another suggested reading: https://t.co/zxa97z8nIc

[Bank History (Nirav Shah) @BankHistory]

So that dignified painting hides a sad truth.
Plassey was not a battle. It was a financial takeover, in a village named after a flower, where the world’s richest bankers helped a company buy a country.
The cruel twist? Once they won, the British discarded the Jagat Seths entirely

[Bank History (Nirav Shah) @BankHistory]

Today is 23rd June 2026
Let’s rewind to 23rd June 1757
A Mughal emperor; East India Company and Robert Clive!

@DalrympleWill and @tweeter_anita open their first episode of @EmpirePodUK with the story of this painting.

Read on to blow your minds. 🧵

[Bank History (Nirav Shah) @BankHistory]

One last thread to pull. Ever wonder why Kolkata has so many big Marwari business families?
The Jagat Seths were Marwaris, from Rajasthan, who came east as bankers. After them, wave after wave of Marwaris followed the money to Calcutta. The Birlas rose from this same trail.