Archive · 15 Aug 2025
Bank of Azad Hind: Netaji's WWII Bank for Independence
In 1944, before India was free and before the RBI, Netaji Bose started a bank called the Bank of Azad Hind to help India get its independence.
The bank was set up in Rangoon.
People from the Indian community in other countries gave money to start the bank.
The bank even printed its own money!
After the war, some people wanted to use this old money, but the Reserve Bank of India said no because they are the only ones who can print money.
Netaji Subhas Chandra Bose established the Bank of Azad Hind in 1944 in Rangoon.
The bank was created to fund the Indian liberation campaign and pre-dated the Reserve Bank of India.
The bank's capital came from the Indian diaspora in Southeast Asia, including large donations.
The bank issued its own currency, denominated in rupees, which circulated in areas controlled by the INA.
After WWII, some individuals requested the recognition of Azad Hind Bank currency as legal tender in India.
- Who
- Netaji Subhas Chandra Bose and the Indian diaspora.
- What
- The establishment and history of the Bank of Azad Hind.
- When
- Established in 1944, during WWII.
- Where
- Rangoon (present-day Myanmar), with funds from across Southeast Asia.
- Why
- To fund the Indian liberation campaign and demonstrate India's ability to manage its own financial institutions.
Those Requesting Recognition
Reserve Bank of India
Legal Tender
Those Requesting Recognition
The currency should be recognized as legal tender.
Reserve Bank of India
The RBI Act of 1934 restricts the ability to issue currency to the RBI alone.
- Bank Name
- Bank of Azad Hind
- Founded By
- Netaji Subhas Chandra Bose
- Year Founded
- 1944
- Location
- Rangoon, Burma
- Purpose
- To fund India's liberation
- Currency Issued
- Rupees
- Funding Source
- Indian diaspora in Southeast Asia
