The correct answer is Option 4- Sanskrit College

The college established in Banaras (Varanasi) in 1791 is known as the "Sanskrit College."

The Sanskrit College in Banaras was founded by Jonathan Duncan, who was the Resident of the British East India Company at Banaras during that time. The primary objective of this institution was to promote the study and teaching of Sanskrit language and literature. It played a significant role in the preservation and promotion of Sanskrit learning during the colonial period in India.

The establishment of the Sanskrit College was part of the British efforts to understand and document Indian culture and traditions. It was an important center for the study of classical Indian texts and helped facilitate the exchange of knowledge between Indian and Western scholars.