By the late nineteenth and early twentieth centuries, the financial situation of the Pedhi in Baroda State had significantly deteriorated due to an economic depression. Tensions had been escalating since 1835 between the East India Company authorities and Maharaja Sayajirao Gaekwad II, who aimed to reduce the financial dominance of the shroffs (money lenders) over the state. In response, he…
Bank
Maharaja Sayajirao Gaekwad III not only spearheaded educational and social reforms but also played a pivotal role in the economic development of Baroda State. Among his notable economic enterprises, the establishment of a railroad and the founding of the Bank of Baroda in 1908 stand out prominently. Under Sayajirao III’s reign, the economic systems underwent significant reorganization. The Bank of…