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The first bank of India called the Bank of Hindustan was established in
1871
1970
1770
1870
None of the above
1770
The Bank of Hindustan was the first bank established in India under European management in 1770 in Calcutta. It was founded by the Agency House of Alexander and Company during the period of the East India Company's rule.
The Bank of Hindustan was the first bank established in India under European management in 1770 in Calcutta. It was founded by the Agency House of Alexander and Company during the period of the East India Company's rule.
The establishment of the Bank of Hindustan marks the beginning of the Modern Banking system in India, which later evolved into the Presidency Banks (Bank of Bengal, Bank of Bombay, and Bank of Madras).
Bank of Hindustan was established in 1770 at Calcutta.
It was the first bank to be established in India based on Western style banking principles.
The bank ceased operations in 1832 due to the insolvency of its parent agency house, Alexander and Co.
It functioned during the administrative period of Warren Hastings, who served as the first Governor-General of Bengal.
The failure of the bank highlighted the risks associated with the agency house system of banking in colonial India.
Option A, B, and D represent dates unrelated to the establishment of the Bank of Hindustan or foundational modern Indian banking milestones.
C is correct тАФ The Bank of Hindustan was established in 1770 in Calcutta by the British agency house of Alexander and Co.
When studying banking history, correlate the failure of early private banks like Bank of Hindustan with the later formation of the Imperial Bank of India (1921), which eventually became the State Bank of India in 1955.
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