Question

Banking sectors and financial institutions in India during British rule

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Answer 1

Answer:

During the British rule in India, The East India Company had established three banks: Bank of Bengal, Bank of Bombay and Bank of Madras and called them the Presidential Banks. These three banks were later merged into one single bank in 1921, which was called the “Imperial Bank of India.”

Explanation:

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Answer 2

During the British rule in India, The East India Company had established three banks: Bank of Bengal, Bank of Bombay and Bank of Madras and called them the Presidential Banks. These three banks were later merged into one single bank in 1921, which was called the “Imperial Bank of India.”

Allahabad Bank: 1865

Central Bank of India: 1911

Bank of India: 1906

Punjab National Bank: 1894

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