The construction of the 'University Library clock tower' in Bombay was funded by which of the following persons?

Premchand Roychand

The correct answer is Option 1 - Premchand Roychand

Indians gave money for some of the buildings built in Neo-Gothic style in Bombay. The University Hall was made with money donated by Sir Cowasjee Jehangir Readymoney, a rich Parsi merchant.
The University Library clock tower was similarly funded by the banker Premchand Roychand and was named after his mother as Rajabai Tower.
Indian merchants were happy to adopt the neo-Gothic style since they believed that building styles, like many ideas brought in by the English, were progressive and would help make Bombay into a modern city.