Bank of Hindostan

Bank of Hindostan (1770-1832), a now defunct bank, is considered as among the first modern banks in colonial India. It was established by the agency house of Alexander and Company.[1][2][3] 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. It was liquidated in 1830-32.