Jagat Seth was a wealthy merchant, banker and money lender family from Murshidabad in Bengal during the time of the Nawabs of Bengal.
Though not at the same scale, but the influence exercised by this family in the finances of the Mughal Empire during the 17th and 18th century would be akin to that exercised by the Rothschild family in Europe.
The Nawabs of Bengal were the Independent hereditary rulers of Bengal. In the early 18th-century, the Nawab of Bengal was the independent ruler of Bengal (Bengal, Bihar and Orissa which constitute the modern-day Indian states of West Bengal, Bihar and Odisha and the sovereign country of Bangladesh). The Bengal Subah reached its peak during the reign of Nawab Shuja-ud-Din Muhammad Khan. They are often referred to as the Nawab of Bengal, Bihar and Orissa (Bengali: বাংলা, বিহার ও উড়িষ্যার নবাব). The Nawabi Bengal's capital were based in Murshidabad which was centrally located within Bengal, Bihar, and Odisha. Their chief, a former prime minister, became the first Nawab. The Nawabs governed as independent monarchs. The Nawabs, backed by bankers such as the Jagat Seth, became the financial backbone of the Subcontinent court.
The Nawabs, especially under the rule of Alivardi Khan of 16 years, were heavily engaged in various wars against the Marathas. Towards the end, he turned his attention to rebuilding and restoring Bengal.