Question 1

Which was the first bank to be established in India in 1770?

Accepted Answer

Bank of Hindustan. The Bank of Hindustan was the first bank established in India in 1770 at Calcutta. It was established by the agency house of Alexander and Company. Although it operated for several decades, it eventually ceased operations in the 1830s.

Question 2

In which year was the first Presidency Bank, the Bank of Bengal, established?

Accepted Answer

1806. The Bank of Bengal was established in 1806 originally as the Bank of Calcutta. It received its charter and was renamed the Bank of Bengal in 1809. It was the first of the three Presidency Banks founded under the British East India Company.

Question 3

The Imperial Bank of India was formed in 1921 by merging which three banks?

Accepted Answer

Bank of Bengal, Bank of Bombay, and Bank of Madras. The Imperial Bank of India was created in 1921 through the amalgamation of the three Presidency Banks. These were the Bank of Bengal, Bank of Bombay, and Bank of Madras. It functioned as a semi-central bank until the creation of the Reserve Bank of India.

Question 4

Which was the first bank with limited liability managed by an Indian board?

Accepted Answer

Oudh Commercial Bank. Oudh Commercial Bank, established in 1881 at Faizabad, was the first bank with limited liability managed by an Indian board. It was a small bank that primarily served local needs and had no branches. It failed in 1958 after decades of operation.

Question 5

Who is considered the founder of the Punjab National Bank, established in 1894?

Accepted Answer

Lala Lajpat Rai. Lala Lajpat Rai was the primary founder of the Punjab National Bank which started operations in Lahore. It was the first bank to be managed solely by Indians with Indian capital. Today, it remains one of the largest public sector banks in India.

History of Banking — Set 1