Question

The first bank in India

• A. State Bank of India
• B. Bank of Hindustan
• C. Allahabad Bank
• D. Punjab National Bank

Answer 1

Answer:

B. Bank of Hindustan

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)