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Question
Which of the following bank(s) was/were esablished by the British East India Company?
Which of the following bank(s) was/were esablished by the British East India Company?
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Solution
The correct option is C Bank of Madras
During the first phase of the evolution of the banking system in India, the British East India Company established many banks in India like the Presidency Banks, namely the Bank of Bengal, Bank of Bombay, and Bank of Madras. However, these banks' operational efficacy and growth were really slow in this phase. They served only a handful of customers, and their services were limited.
During the first phase of the evolution of the banking system in India, the British East India Company established many banks in India like the Presidency Banks, namely the Bank of Bengal, Bank of Bombay, and Bank of Madras. However, these banks' operational efficacy and growth were really slow in this phase. They served only a handful of customers, and their services were limited.
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