The month of April 1944 was and the place was Rangoon. Where the carpentry in a vacant bungalow near Jamal Avenue was completely giving empty rooms as a bank, which was completely empty till a week ago, but now this bungalow was going to be the headquarters of a bank and this bank was not the Reserve Bank of India (RBI) but Bank of Azad Hind. This bank was under the Azad Hind government, which was led by Netaji Subhash Chandra Bose.
Five years before the RBI became completely independent in 1949, Netaji established the Azad Hind Bank (Bank of Azad Hind). The purpose of the establishment of this bank was to provide financial assistance to the freedom struggle of India and to prove that India could run its financial institution before getting political independence.
SA mentioned this small but very impressive story of Bank of Azad Hind, established by Netaji Subhash Chandra Bose. Iyer’s book is done in “Unto Him a Witness”. Iyer, who has worked in Netaji’s cabinet, said in his book, “In this era, Netaji established the first National Azad Hind Bank outside India on 5 April 1944 to provide financial assistance in India’s freedom struggle.”
Azad Hind Bank established in siege
The era mentioned by Iyer in the book was a very stressful time. Netaji was at that time preparing to go on the front of the Imphal-Kohima campaign. At the same time, Japanese and Burma officials were in a suspicious position to open the bank at the time of war, as they were afraid of being political upheaval. While some of his colleagues also worried about the capital, stability and time of the bank, but Netaji was away from all these concerns, he had no effect on any situation.
According to Iyer, Bose said, “I want a bank and that too in the next few days. Before I go on the front, I will open the bank and only then I will go on the front.”
Four Indians together gathered capital to operate the bank
According to Iyer, capital for Azad Hind Bank was used by Indians settled in South-East Asia. At the same time, four such Indians came forward and raised the necessary capital for operations at the beginning of the bank. All of them had a dream of independent India.
Bank released its currency
Azad Hind Bank released its own currency shortly after its inception, which were printed as money and which were run in the control areas of Azad Hind Fauj (INA). Even though this currency had no cost during British rule in India, it was a symbolic announcement as India’s financial sovereignty. At the same time, S. A. Iyer was also the chairman of this bank.
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