Multiple choice

The cheque was first introduced in India by which of the following banks?

  1. Bank of Hindustan

  2. State Bank of India

  3. Bank of India

  4. Punjab National Bank

  5. None of these
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A Correct answer
Explanation

The Bank of Hindustan, established in 1770 in Calcutta, was among the first modern banks in India and introduced the cheque facility. Generalised notion of cheques as a payment instrument gained traction in India during the colonial period. The Bank of Hindustan was a pioneering institution in India's banking history, though it eventually failed in 1832-33.

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