Bank of Hindostan

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

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

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

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