The EIC's Forgotten Bank: Jagat Seth and the Credit Network

Before the East India Company ruled India, it needed money—and that meant borrowing from the House of Jagat Seth, the Rothschilds of the Mughal world. In this episode, Lucas and Luna explore the astonishing financial power of the Jagat Seth family, who controlled the imperial mint at Murshidabad, issued hundis (bills of exchange) accepted from Bengal to Persia, and effectively bankrolled the Company's military campaigns. They delve into the family's rise under Mughal patronage, their role in the Battle of Plassey (1757), and the fateful decision to back Robert Clive, which ultimately led to their own decline. Lucas explains how shroffs (money-changers) operated, how silver rupees from the Potosí mines reached Bengal, and how the Jagat Seth's credit network was the invisible engine behind the Company's conquest. A fascinating look at the intersection of finance and empire. #JagatSeth #Murshidabad #BattleOfPlassey #EastIndiaCompany #MughalEmpire #Bengal #Shroff #Hundi #PotosiSilver #RobertClive #SirajUdDaulah #MirJafar #FinancialHistory #EmpireAndFinance #History #FexingoHistory #Podcast #18thCentury Keep every episode free: buymeacoffee.com/fexingo