Question

Bank of Bengal was established by

• A. Government of India
• B. Reserve Bank of India
• C. East India Company
• D. British Crown

Answer 1

Answer:

C. East India Company

Evolution of Banking in India:

• The first bank in India, the Bank of Hindustan was established in 1770 in Calcutta started by Alexander and Co. (failed 1832)
• Next came General Bank of India established in 1786.
• The East India Company established the Bank of Bengal in 1809.
• Bank of Bombay was established in 1840
• Bank of Madras was established in 1843,.
• These three banks were generally called Presidency Banks.
• These three banks were amalgamated in 1921 and the Imperial Bank of India was established.
• The imperial bank was nationalised in 1955 and renamed it as SBI. (July 1 1955 as per the recommendation of Gorwala committee)