India First Bank Shutdown Story: Banks play an important role in increasing the country’s economy. But have you ever heard of your country’s first bank, when did this bank start? What was its name and how long did this bank remain on? Let’s know complete information

Why Hindustan Bank closed: We still do not know many things about our India. One of them is when the first bank in our country started. The bank was opened in the British period and was started by Alexander & Co.. The name of the bank opened in India was Bank of Hindustan.

Actually the banking system on earth started from 2000 BC. But the barter system in our country was prevalent long ago. That is, there was a system of exchange.

The main factor in the barter system was ‘requirement’. If one person has potatoes and the other person has rice, then in the barter system it was possible to exchange potatoes (giving another thing in exchange for one thing) as per the requirement.

After some time banking facilities came in India. Banking in India started during British rule. But at that time this bank did not serve the common Indian people, nor did it open savings accounts for the common people.

Bank of Hindustan was opened in Kolkata. This bank mainly served British companies.

Bank of Hindustan lasted for 50 years, after which its financial situation started deteriorating. In 1832, when Alexander & Co. got caught in financial difficulties, the bank was closed.

In today’s era, India’s banking system has developed a lot, which is playing an important role in strengthening the country’s economy.