Bank of Hindostan

2021-09-19T20:30:14Z

2409:4064:599:7FE3:68D4:7F1F:E17C:259A:

{{Use Indian English|date=May 2021}}
{{Use dmy dates|date=May 2021}}
{{Infobox company
| name = Bank of Hindostan
| logo =
| native_name =
| type = [[Public sector]]
| traded_as =
| industry = [[Banking]], [[Insurance]], [[Capital Markets]] and allied industries
| genre = 
| fate = Defunct
| predecessor =
| successor =
| foundation = 1770<ref>[https://rbi.org.in/scripts/ms_banks.aspx]</ref>
| founder = [[Alexander and Co.]]
| defunct = {{End date|df=yes|1832|03|31}}
| location_city = [[Calcutta]]
| locations = [[Bengal Presidency]]
| area_served = [[India]]
| key_people =
| products = [[Deposit (finance)|Deposits]], [[Personal banking|Personal Banking Schemes]], C & I Banking Schemes, Agri Banking Schemes, [[Small and medium enterprises|SME Banking Schemes]]
| production =
| services = Loans, Deposits
| revenue =
| operating_income =
| net_income =
| aum = 
| assets =
| equity =
| owner =
| num_employees =
| parent =
| divisions =
| subsid =
| footnotes =
| location_country = [[Calcutta]]
| homepage =
}}

'''<span lang="hi" dir="ltr">Bank</span> of Hindostan''' (1770-1832), a now defunct bank, is considered as among [[List of oldest banks in India|the first modern banks in colonial India]].

== History ==

It was established by the [[Agency Houses in British India|agency house]] of [[Alexander and Co.|Alexander and Company]].<ref>{{cite web|url=https://www.rbi.org.in/scripts/pm_earlyissues.aspx |title=Reserve Bank of India - Museum |publisher=Rbi.org.in |date=2015-04-14 |access-date=2016-09-08}}</ref><ref>{{cite web |url=http://www.indian-coins.com/britishindianotes/presidencies/bengal-presidency/bank-of-hindustan |title=Bank of Hindustan |publisher=Indian-coins.com |access-date=2016-09-08 }}{{Dead link|date=October 2019 |bot=InternetArchiveBot |fix-attempted=yes }}</ref><ref>{{cite web|url=https://books.google.com/books?id=KzkSAAAAYAAJ&q=Bank+of+Hindustan%2C&pg=PA499 |title=Parliamentary Papers, House of Commons and Command - Great Britain. Parliament. House of Commons - Google Books |year=1832 |access-date=2016-09-08}}</ref>

The Bank lived through three economic crises of the 18th century:<ref>[https://mostlyeconomics.wordpress.com/2020/10/29/bank-of-hindostan-was-established-in-calcutta-in-1770-marks-250-years-of-advent-of-british-private-banking-in-india/]</ref>

* The Recession of 1819

* The failure of [[Palmer and Company|Palmer and Co.]], a [[Agency Houses in British India|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 Hindustan 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.<ref>[https://mostlyeconomics.wordpress.com/2020/10/29/bank-of-hindostan-was-established-in-calcutta-in-1770-marks-250-years-of-advent-of-british-private-banking-in-india/]</ref> It was liquidated in 1830-32.<ref>[https://mostlyeconomics.wordpress.com/2020/10/29/bank-of-hindostan-was-established-in-calcutta-in-1770-marks-250-years-of-advent-of-british-private-banking-in-india/]</ref>

==See also==
{{Portal|Banks}}
*[[Indian banking]]
*[[List of banks in India]]
*[[List of oldest banks in India]]

==References==
{{Reflist}}

==External links==
* [https://www.businessmanagementideas.com/banking/evolution-of-banking/list-of-4-banks-in-india-before-independence/5336 History of the Bank]
* [https://mostlyeconomics.wordpress.com/2020/10/29/bank-of-hindostan-was-established-in-calcutta-in-1770-marks-250-years-of-advent-of-british-private-banking-in-india/ History of the Bank]

{{Banking in India}}

[[Category:1770 establishments in India]]
[[Category:Banks established in 1770]]
[[Category:1832 disestablishments in India]]
[[Category:Banks disestablished in 1832]]
[[Category:Defunct banks of India]]

Bharatpedia - User contributions [en]

Bank of Hindostan