Lala Lajpat Rai: The Unparalleled Freedom Fighter Who Opened The First Account In Punjab National Bank

Lala Lajpat Rai played an instrumental role in India's freedom struggle. His immense contribution to the Swadeshi Movement, the protests against the Simon Commission and his role as the President of the Indian National Congress in the Calcutta Special Session of 1920. After having plunged into politics, Lala Lajpat Rai was one of the pre-independence era leaders who continued to take an active interest in cultural, social and educational work.

Concerned Over British Enjoying Indian Profits

Lala Ji was very concerned about how the Indian capital was used to run the British banks and companies. Indians had to satisfy with a meagre amount of interests since the British enjoyed the fruits of the profit. The apathy of Indians bothered him, and he echoed his sentiments in his writing while concurring with Rai Mul Raj. The latter had been cherishing the dream of having a nationalised bank for the Indians. On May 23 1894, the founders met at the Lahore residence of Sh. Dyal Singh Majithia, the first Chairman of the Punjab National Bank, resolved to an Indian Joint Stock Bank. The founders decided to hire a house in the famous Anarkali Bazaar of Lahore.

On May 19, 1984, the Punjab National Bank was born with the founding board that drew members from several parts of the country who professed different faiths and had varied backgrounds. However, all of them had a common objective of providing the country with a truly national bank that would further enhance the country's economic interest.

On April 12 1895, the Bank opened for business, a day before the great Punjab festival of Baishakhi. The essence of the Bank's culture was clear at this first meeting itself. The fourteen original shareholders and seven directors took only a modest number of shares; the control of the Bank was to lie with the large, dispersed shareholders, a purely professional approach that was as uncommon then as it is today.

Opened First Account In PNB

Lala Lajpat Rai became the first person to hold an account in PNB, and his younger brother joined as the bank manager. There were nine members in the Bank who withdrew a monthly salary of ₹320. In 2021, the Bank had paid homage to Lala Lajpat Rai on his death anniversary and remembered his contribution in kickstarting what is known today as India's second-largest public sector bank.

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