Bank of Hindostan (1770–1832), a now defunct bank, was the third oldest bank in India.
 | |
| Company type | Public sector |
|---|---|
| Industry | Banking, Insurance, Capital Markets and allied industries |
| Founded | 1770[1] |
| Founder | Alexander and Co. |
| Defunct | 31 March 1832 |
| Fate | Defunct |
| Headquarters | , |
Number of locations | Bengal Presidency |
Area served | India |
| Products | Deposits, Personal Banking Schemes, C & I Banking Schemes, Agri Banking Schemes, SME Banking Schemes |
| Services | Loans, Deposits |
History
editIt was established by the agency house of Alexander and Company.[2][3][4]
The Bank lived through three economic crises of the 18th century:[5]
- The Recession of 1819
- The failure of Palmer and Co., a British agency house
- The Banking Crisis of 1832
Business Activities
editIn India, the paper currency was first issued during British East India Company 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.[5] It was liquidated in 1830–1832.[5]
See also
editReferences
edit- ^ "Reserve Bank of India – Museum".
- ^ "Reserve Bank of India – Museum". Rbi.org.in. 14 April 2015. Retrieved 8 September 2016.
- ^ "Bank of Hindustan". Indian-coins.com. Retrieved 8 September 2016.[permanent dead link]
- ^ "Parliamentary Papers, House of Commons and Command - Great Britain. Parliament. House of Commons - Google Books". 1832. Retrieved 8 September 2016.
- ^ a b c "Bank of Hindostan was established in Calcutta in 1770: Marks 250 years of advent of British private banking in India". 29 October 2020.