Which of the following is the first bank of India?

By: Prof. Dr. Fazal Rehman | Last updated: February 3, 2024

Question: Which of the following is the first bank of India?

A   State Bank of India (SBI)

B   Bank of Hindustan

C  General Bank of India

D   Oudh Commercial Bank

Answer:    Bank of Hindustan

 

Aspect Description
Name of bank Bank of Hindustan
Date of establishment 1770
Location Founded in Calcutta, India (now Kolkata)
Founded by Established by Alexander and Thomas Cogan, two British businessmen.
Significance Regarded as the first bank in India, marking the beginning of modern banking in the country.
Operations Operated for approximately 50 years before liquidation in 1830-1832.
Challenges Overcome Survived three economic crises of the 18th century, including the Recession of 1819, Failure of Palmer and Co and the Banking Crisis of 1832.
Note It is noteworthy for being one of the earliest attempts at establishing a banking institution in India.
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