Shravan Belgola Ke Abhilekho Me Varnit Banking Pranali

Here's a comprehensive summary of the Jain text "Shravan belgola ke Abhilekho me Varnit Banking Pranali" by Bhishan Swarup Rastogi, based on the provided text:

The book "Shravan Belgola ke Abhilekho me Varnit Banking Pranali" (Banking System Described in the Inscriptions of Shravanabelagola) by Bhishan Swarup Rastogi explores the presence and nature of banking practices in ancient India, particularly as evidenced by inscriptions found in Shravanabelagola.

Key Findings and Themes:

• Ancient Indian Banking: The text asserts that a banking system was not unknown in ancient India, though it differed from modern Western models. In ancient times, Shrenis (guilds or associations) and Nigams (corporations or trading bodies) functioned as banks. The economic policy of the country was largely in the hands of these Shrenis, comparable to modern Chambers of Commerce.

• Early Examples: An example is cited of Rishabhadatta, the son-in-law of Nahapana (a Western Satrap), who deposited three thousand Karshapanas with the weavers' Shreni for religious purposes. Two thousand Karshapanas were deposited at an annual interest rate of one Karshapan per hundred, while one thousand Karshapanas bore an interest rate of three-fourths of a Pana (one forty-eighth of a Karshapan). Similar references exist for other Shrenis like the oil-pressers' Shreni. Depositors would receive goods in exchange for the interest accrued on their deposited funds.

• Shravanabelagola Inscriptions and Banking: The inscriptions from Shravanabelagola also contain similar references to banking. Donors would donate money or land, and the income generated from the interest on these donations was used for various religious and charitable purposes. These included:

  • Ashtavidha Pujan (worship with eightfold offerings)
  • Annual Pada Puja (worship of the feet)
  • Flower offerings (Pushpa Puja)
  • Procuring milk for the ritual bathing of the Gommateshwara idol
  • Renovation of temples (Jirnoddhar)
  • Arranging food for monastic orders (Muni Sanghas)

• Developed System by the 10th Century: The study of these inscriptions indicates that the banking system was fully developed around the 10th century. The inscriptions reveal various methods of depositing funds.

• Specific Deposit Types and Purposes:

  • Flower Offerings: An inscription near the Gommateshwara gateway mentions that Kallayya deposited some money to receive six flower garlands daily from the interest.
  • Monetary Units: The inscriptions mention four units of currency: Varaha, Gadyaag (or Gadyaana), Hon, and Hag.
  • Pada Puja Donations: An inscription from Shak Samvat 1748 states that Devaraja Arasu donated one hundred Varahas for the Pada Puja of Gommateshwara. This money would be deposited with moneylenders or Shrenis, and the interest was used to purchase items for the Pada Puja.
  • Abhishekam (Ritual Bathing): Funds were also deposited for Abhishekam purposes. The interest from these deposits was used to procure milk for daily Abhishekam. For instance, one inscription mentions a pledge by Sowana to donate five Gadyaana for the daily Abhishekam of the Adideva, from which one Balla (a unit of measure, possibly larger than two Ser) of milk was to be provided daily. Another inscription mentions a donation of four Gadyaana by Adiyanna for the Abhishekam of Gommateshwara, from which one Hon (a coin smaller than Gadyaana) yielded a monthly interest of one Hag, providing one Balla of milk daily.

• Interest Rates (Varying but Around 12%): While precise percentage rates are not always explicitly stated, the inscriptions provide data to estimate them. The author notes that interest rates were not fixed. For example, two inscriptions from the same location (Vindhyagiri mountain) and year (Shak Samvat 1137) show different amounts of milk provided from different principal amounts, indicating variability.

  • However, by analyzing specific examples, the book estimates that the monthly interest rate was around 12%. An inscription from 1275 CE suggests a 12% monthly interest rate (25 paise yielding 3 paise interest per month). Another from 1206 CE, related to a tax of eight Hana yielding one Hana in interest, indicates a monthly interest rate of 12.5% (40 paise yielding 5 paise). Therefore, the study concludes that in the 12th-13th centuries, the monthly interest rate was approximately 12%.

• Other Forms of Deposit and Donation:

  • Land and Village Donations (Nikshepa): Beyond cash, donations of land and villages were also common. These were termed Nikshepa. In this system, a piece of land or a village was given, and in return, a certain amount of money or goods as interest was received annually or monthly. The income from these land/village donations funded religious activities like offerings, flower garlands, milk, and food for monks. For example, an inscription from Shak Samvat 1100 describes Belagula's merchants purchasing land in Gangasamudra and Gommatpur to provide flowers for Gommateshwara's worship by permanently assigning a gardener.
  • Pledge System (Anvihita): The inscriptions also describe a system where money was borrowed against a pledge of an object or property, which was returned upon repayment of the loan. This was called Anvihita. An inscription on a pillar of the Brahmadeva Mandapa mentions Maharaja Chamaraja Odeyar asking moneylenders to release the land of the Belagula temple, promising to repay their money.
  • Recurring Deposits: The practice of depositing money monthly or annually existed, comparable to modern Recurring Deposit schemes. The text mentions that all the jewelers of Belagula pledged to contribute annual funds for the flower worship of Gommateshwara and Parshwadeva. Another inscription indicates that one Hag (a coin equivalent to about thirty paise) was collected annually from each household for the appointment of guards.

• Comparison with Modern Banking Schemes: The author draws parallels between ancient practices and modern banking:

  • Fixed Deposit Scheme: The ancient Aupanidhika scheme, where money was deposited and goods like milk or flowers were received as interest, is comparable to the modern Fixed Deposit scheme.
  • Recurring Deposit Scheme: The practice of depositing money in installments (monthly or annually) is analogous to the modern Recurring Deposit scheme.
  • Advance Loan Scheme: Glimpses of an Advance Loan scheme are also found, where property was mortgaged to obtain loans.

• Conclusion: The book concludes that a banking system existed in India before the 2nd-3rd century CE. During the period studied, various banking methods were prevalent, and the interest rate on deposits was approximately 12%. The inscriptions provide valuable insights into the economic system of that era, even when transactions were based on barter.

In essence, Rastogi's work demonstrates that ancient Indian society, as reflected in the Shravanabelagola inscriptions, had a sophisticated and multifaceted banking and financial system involving deposits, interest, various forms of donations, and practices that foreshadow modern banking schemes.