Bank of Hindostan

Bank of Hindostan, a now defunct bank, was the third oldest bank in Indian region.

History

It was established by the agency house of Alexander and Company.
The Bank lived through three economic crises of the 19th century:

The Recession of 1819
The failure of Palmer and Co., a 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 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. It was liquidated in 1830–1832.