Banks' House was the residence of Major Banks, who was assistant to the Chief Commissioner at Lucknow, Sir Henry Lawrence, at the beginning the Indian uprising in 1857. Banks succeeded Lawrence after the latter was hit by a shell on 4 July 1857, but was himself shot dead on 21 July. Troops under the command of Sir Edward Lugard recaptured the house from the Indian rebels on 18 March 1858, and secured it as a strong military post.

The building is reputedly haunted by a Major Hodson, who was carried there to die in March 1858, and it occupies the site of the Hayat Bakhsh Koti built by the Nawab of Avadh, Saadat Ali Khan (1798-1814). Later it became Government House or Raj Bhavan, many buildings being added to it from 1907.

A plate from General Views & Special Points of Interest of the City of Lucknow, from Drawings made on the spot by Lieut. Col. D. S. Dodgson, A.A.C. London: Day & Son, Gate Street, Lincoln's Inns Fields. Lithographed title and 27 tinted lithographed views on 11 sheets, engraved plan at the end. Dedicated to Lieut. Gen. the Ho. Sir James Outram, Bart. G.C.B. Member of the supreme council of India, &c. &c.