The name of the first bank established in India was

A. Bank of Hindustan

B. Reserve Bank of India

C. Imperial Bank

D. State Bank of India

The Correct Answer is Option 3 i.e A.

• Bank of Hindustan:
  • The Bank of Hindostan (1770-1832), set up by the agency house of Alexander and Company in the year 1770 was the first bank established in India.
  • It was no longer exists now.
• Imperial Bank:
  • The Imperial Bank was formed in 1921 as a joint-stock bank by amalgamating the Presidency Banks of Bombay, Calcutta, and Madras.
  • State Bank of India was created in 1806, in Calcutta, Called the Bank of Calcutta, 
    • In 1809 It became the Bank of Bengal when the bank was granted a charter to serve all of Bengal.
    • The imperial government by the middle of the century created two more regional banks. 
    • The Bank of Bombay was created in 1840, and was soon joined by the Bank of Madras in 1843. Together with the Bank of Bengal, they became known as the "presidency" banks.
  • Imperial Bank of India was nationalized by the Government of India in the year 1955 with the Reserve Bank of India taking a 60% stake and the name was changed to State Bank of India.
• SBI Bank:
  • It is the largest public sector banks in India.
  • It began with the establishment of the Bank of Calcutta in Calcutta, on 2 June 1806.
  • It was the first-ever joint-stock bank of British India, established under the sponsorship of the Government of Bengal.
  • Tagline: "The banker to every Indian".
• Reserve Bank of India:
  • The Reserve Bank of India was set up on the basis of the recommendations of the Hilton Young Commission
  • The Reserve Bank of India was established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934.
  • It acts as a Banker to the Government as well as banker to banks.