Discussion
In which year saving banks were first established in Hamberg city of Germany?
Answer: A
Correct answer: 1765
The savings bank movement is traced to Hamburg in 1765, where an institution was established to receive the small savings of working people - a class the merchant banks of the day had no interest in serving.
The idea was social as much as financial: to give the poor a safe place for small sums, encourage thrift and provide some protection against destitution. It spread through Germany and then across Europe, and the same purpose lies behind the later post office savings banks and, in India, behind much of what nationalisation in 1969 set out to achieve.
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