Manick Chand

Manick Chand was the head of the family banking firm that controlled finances in Bengal and had influence on financial matters in all of India. For all his services to the Nawab of Bengal and the Emperor, Manick Chand was bestowed with the title Nagar Seth (banker of the city) in 1712.

Manick Chand succeeded his father, Hiranand, as the head of family firm centered in Patna with branches throughout India. Manick Chand first moved to Dhaka, the capital of Bengal at that time, and had developed a cordial relationship with Murshid Quli Khan, the Nawab of Bengal. When the Nawab transferred capital from Dhaka to Murshidabad, Manick Chand followed him and became his chief advisor and banker.

He helped the Nawab to bring extensive financial reform. Prior to reforms the Nawab collected taxes from landlords and then transferred them annually to Emperor in Delhi. The taxes consisted of minted money, animals, weaponry, textiles and artworks and were transferred to Delhi in a convoy of 200 wagons escorted by a regiment of 600 horses and 500 foot soldiers. After the reforms taxes passed in to the hands of Manick Chand. He would then issue a draft for this amount, which was only payable by his several branches maintained by his brothers, and profited from commission. By establishing close connections with government Manick Chand ensured prosperity for the next several generations of his family.