The College of Fort William was established by Richard Wellesley, who was the Governor-General of India from 1798 to 1805. This institution, founded in 1800, played a significant role in the British colonial administration of India.

Option 1: Warren Hastings was the first Governor-General of Bengal and played a crucial role in the early British administration in India. However, he did not establish the College of Fort William.

Option 2: Lord Cornwallis, the Governor-General of Bengal from 1786 to 1793, is known for his administrative and judicial reforms, but he did not establish the College of Fort William.

Option 4: William Bentinck served as the Governor-General of India from 1828 to 1835. While he initiated several reforms and policies, he did not establish the College of Fort William.

Therefore, the correct answer is option 3, Richard Wellesley. He established the College of Fort William, which provided training and education for civil servants and played a crucial role in shaping the colonial administration in India.