The correct answer is the Bank of Hindustan. Moving towards modern India, the first bank of India was the Bank of Hindustan. This bank was established in the year 1770 but the bank was liquidated after 50 years of operations. Additionally, the second oldest bank in India was established in the year 1786 and the bank could only operate till 1791 before it collapsed. The name of this bank was Bank of India. Later in 1806, the Bank of Calcutta was incepted and this bank was later renamed as Bank of Bengal. After many orders to rename this bank, the State Bank of India came into existence. State Bank is Bank of Calcutta and this final change in the name went through in 1955. State Bank of India is also the largest public sector bank in India Now all the banks in India are governed by the Reserve Bank of India which is the central banking agency of India. RBI was established in 1935 and it is one of the most powerful institutions in India.