Which is the first bank of India?[IAS Questions & Answers at BYJU’S]

The first bank of India is the Bank of Hindustan, located in Calcutta and founded by Alexander and Co.

It was established in the year 1770. After 50 years of operations, the bank was liquidated in 1830-1832.

It survived three economic crises of the 18th century, including;

(1) The Recession of 1819

(2) Failure of Palmer and Co

(3)The Banking Crisis of 1832

The second bank was established in 1786, known as the General Bank of India.
It is assumed that paper currencies were first produced in Colonial India by private banks such as the Bank of Hindustan.
The first commercial bank established in India was the Oudh commercial bank in 1881.
The oldest Public Sector Bank in India is the Allahabad Bank in 1865.
One of the largest and oldest banks in India, Imperial Bank was established in July 1955. Bank of Bengal, Bank of Bombay, and Bank of Madras merged to form the Imperial bank. After independence, it was renamed as the State Bank of India.

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Which is the first bank of India?