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It was called the Hundi system. The word Hundi goes back to medieval India. This system can be considered a precursor to the formal banking sector. The interest rates in Hundi were relatively high — 18% on average and the borrowers usually tend to pay interest monthly.
Technically, a Hundi was an unconditional order in writing made by a person directing another to pay a certain sum of money to a person named in the order.
The Marwaris were pioneers of Hundi transactions, and as the lines of communication and transportation increased during the later era, so did the business empires of Marwaris.
Hundis, being a part of the informal system, have no legal status and are not covered under the Negotiable Instruments Act of 1881. Though generally regarded as bills of exchange, they were more often used as equivalents of cheques issued by indigenous bankers.
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