Which bank, set up in Calcutta in 1770, is generally regarded as one of the earliest banks of the modern type in India?
Question and options
Which bank, set up in Calcutta in 1770, is generally regarded as one of the earliest banks of the modern type in India?
General Bank of India
Bank of Bengal
Imperial Bank of India
Bank of Hindostan
Answer and explanation
Correct answer: D - Bank of Hindostan
The Bank of Hindostan was set up in 1770 by the agency house Alexander and Company and failed with it in 1832. The General Bank of India followed in 1786, the Bank of Bengal began in 1806 as the Bank of Calcutta, and the Imperial Bank of India was formed in 1921 from the three presidency banks.
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