Bank of Hindostan explained

Bank of Hindostan
Type:	Public sector
Industry:	Banking, Insurance, Capital Markets and allied industries
Fate:	Defunct
Foundation:	^[1]
Founder:	Alexander and Co.
Location City:	Calcutta
Locations:	Bengal Presidency
Area Served:	India
Products:	Deposits, Personal Banking Schemes, C & I Banking Schemes, Agri Banking Schemes, SME Banking Schemes
Services:	Loans, Deposits
Location Country:	Calcutta

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

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 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 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 1830–1832.

See also

• Indian banking
• List of banks in India
• List of oldest banks in India

External links

• History of the Bank

Notes and References

1. Web site: Reserve Bank of India – Museum.
2. Web site: Reserve Bank of India – Museum . Rbi.org.in . 2015-04-14 . 2016-09-08.
3. Web site: Bank of Hindustan . Indian-coins.com . 2016-09-08 .
4. Web site: Parliamentary Papers, House of Commons and Command - Great Britain. Parliament. House of Commons - Google Books . 1832 . 2016-09-08.
5. Web site: Bank of Hindostan was established in Calcutta in 1770: Marks 250 years of advent of British private banking in India. 29 October 2020.