Bank of Hindostan (1770–1832), a now defunct bank, is considered as among
the first modern banks in Colonial India.
History
It was established by the
agency house of
Alexander and Company.
The Bank lived through three economic crises of the 18th century:
* The Recession of 1819
* The failure of
Palmer and Co., a
British agency house
* The Banking Crisis of 1832
Business Activities
In India, the paper currency was first issued during British
East India Company
The East India Company (EIC) was an English, and later British, joint-stock company founded in 1600 and dissolved in 1874. It was formed to trade in the Indian Ocean region, initially with the East Indies (the Indian subcontinent and Southea ...
rule. The first paper notes were issued by the private banks such as Bank of Hindostan and the presidency banks during late 18th century. Via the Paper Currency Act of 1861, the British Government of India was conferred the monopoly to issue paper notes in India. It was liquidated in 1830-32.
See also
*
Indian banking
Modern banking in India originated in the mid of 18th century. Among the first banks were the Bank of Hindustan, which was established in 1770 and liquidated in 1829–32; and the General Bank of India, established in 1786 but failed in 1791. ...
*
List of banks in India
This is the list of banks which are listed as Scheduled Banks (India) under second schedule of RBI Act, 1934.
Commercial banks Public Sector Banks (PSBs)
There are 12 public sector banks as of 15 November 2021
Private-sector banks
A ...
*
List of oldest banks in India
This list of the oldest banks in India includes financial institutions that were founded in the 18th and 19th centuries. Listed are the thirty oldest banks in India, which includes all financial institutions founded prior to 1850.
The oldest ba ...
References
External links
History of the Bank
{{Banking in India
1770 establishments in India
Banks established in 1770
1832 disestablishments in India
Banks disestablished in 1832
Defunct banks of India