Fateh Chand

Fateh Chand was a member of the prominent Seth banking family that controlled much of the Indian finances. He was the first of the family that was bestowed with hereditary title Jagat Seth, meaning Banker of the World, as a testimony to his financial power by the Emperor Muhammad Shah.

Fateh Chand succeeded his uncle, Manick Chand, at the helm of family business. He ran banking operations throughout India, and was the central person in Bengal financial operations. Fateh was held in high regard by both the Emperor and the Nawab of Bengal, and the European companies courted him for the weight that his words had with the rulers. He loaned money to Indian nobility, merchants, and foreign companies operating in India. The basic coin in Mughal India was silver rupee, which would be worth about $20 in 2010 currency. Fateh Chand borrowed an average of almost 500,000 rupees to the British East India Company in the period from 1718 to 1730. The French and Dutch East India Companies similarly borrowed great sums from him, while Chand charged a standard interest rate of 12 percent annually. Because of his financial power he was inevitably involved in the country’s politics.

Such position as the most important man in India’s finances naturally led to his involvement in the politics of the period. He got involved in rebellion against Nawab Shuja-ud-Din Muhammad Khan by financially supporting Ali Vardi Khan. Thanks to his support Ali Vardi Khan became the new Nawab and was dependent on Seth’s money throughout his reign. Fateh Chand died in 1744.