The name of the first bank established in India was: Check Answer With Explanation

Question

1. The name of the first bank established in India was……..

  1. The General Bank of India

  2. Bank of Bengal

  3. Bank of Hindustan

  4. Bank of Madras

Answer: C

Detailed Solution:

The Correct Answer is Option C.

Bank of Hindustan

The first bank of India was the “Bank of Hindustan”. Bank of Hindustan established in 1770 and located in the then Indian capital, Calcutta. However, this bank failed to work and ceased operations in 1832.

The General Bank of India

The General Bank of India was a bank founded in the 18th century and lasted till 1791. The bank was staffed by employees, who were mostly British nationals and drawn mainly from the East India Company.

Bank of Bengal

The Bank of Calcutta (a precursor to the present State Bank of India) was founded on 2 June 1806, mainly to fund General Wellesley's wars against Tipu Sultan and the Marathas. It was the tenth oldest bank in India and was renamed Bank of Bengal on 2 January 1809.

Bank of Madras

The Bank of Madras was one of the three Presidency Banks of British India, along with the Bank of Bengal and the Bank of Bombay. It was established on 1 July 1843 through the amalgamation of a number of existing regional banks and was headquartered in Madras (now Chennai).

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