_________ was the first bank that was established in India in 1770.

Question

Question

This question was previously asked in

NTPC CBT-I (Held On: 16 Jan 2021 Shift 2)

Answer 1

The correct answer is Bank of Hindustan.

The oldest bank in India is The Madras Bank (1683), followed by the Bank of Bombay, founded in 1720, which is then followed by the Bank of Hindustan, founded in 1770.

Key Points

Bank of Hindustan:
- The Bank of Hindustan (1770-1832), set up by the agency house of Alexander and Company in the year 1770 was the first bank established in India.
- It was no longer exists now.

Additional Information

Bank of Baroda is an Indian nationalized banking and financial services company.
- Founded - 20 July 1908
- Founder - Sayajirao Gaekwad III
- Headquarters - Vadodara, Gujarat, India
State Bank of India:
- It is the largest public sector bank in India.
- It began with the establishment of the Bank of Calcutta in Calcutta, on 2 June 1806.
- It was the first-ever joint-stock bank of British India, established under the sponsorship of the Government of Bengal.
Indian Bank is a major nationalized bank. It is owned by the Ministry of Finance, Government of India.
- It was established in 1907 and is headquartered in Chennai, India.