Bank of Hindostan

Bank of Hindostan
Company typePublic sector
IndustryBanking, Insurance, Capital Markets and allied industries
Founded1770 (1770)[1]
FounderAlexander and Co.
Defunct31 March 1832; 192 years ago (1832-03-31)
FateDefunct
Headquarters
Calcutta
,
Calcutta
Number of locations
Bengal Presidency
Area served
Indian subcontinent
ProductsDeposits, Personal Banking Schemes, C & I Banking Schemes, Agri Banking Schemes, SME Banking Schemes
ServicesLoans, Deposits

Bank of Hindostan (1770–1832), a now defunct bank, was the third oldest bank in Indian region.

History

It 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 Banking Crisis of 1832

Business Activities

In 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

References

  1. ^ "Reserve Bank of India – Museum".
  2. ^ "Reserve Bank of India – Museum". Rbi.org.in. 14 April 2015. Retrieved 8 September 2016.
  3. ^ "Bank of Hindustan". Indian-coins.com. Retrieved 8 September 2016.[permanent dead link‍]
  4. ^ "Parliamentary Papers, House of Commons and Command - Great Britain. Parliament. House of Commons - Google Books". 1832. Retrieved 8 September 2016.
  5. ^ 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.

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