Arunachal Pradesh to receive its own RBI branch soon

rbi arunachal pradesh

Story highlights

  • The Reserve Bank of India soon going to open its branch in the Northeast
  • For this, Arunachal Pradesh has been opted by the officials
  • ED of RBI has called CM Pema Khandu to discuss the matter recently

The Apex Bank of the country soon going to connect the Northeastern part to the rest of the country for the one more time in terms of Banking. For this, the Reserve Bank of India has decided to open a branch in Arunachal Pradesh.

RBI in Itanagar

The Executive Director of the Reserve Bank of India Surekha Marandi has called up the Chief Minister Pema Khandu recently for further discussing the matter of establishing RBI’s branch in the state.

Marandi heads the consumer education and protection department, financial inclusion and development department.

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During the meeting, Marandi informed the Chief Minister that the RBI has resolved to open an office in Arunachal Pradesh, preferably in the state capital soon.

She said RBI is working on the modalities for opening its office and within three to six months, Arunachal Pradesh should have its own RBI office in its capital city, Itanagar.

While discussing the matter, Khandu assured that the state government will provide all the assistance needed for the purpose for a smooth establishment and functioning of its office in the state.

Adding to this, He also said the establishment of the Reserve Bank in the state would ease up financial inclusion and transaction to a great level.

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Chief Minister also said that till now the state has to depend on the Reserve Bank at Guwahati(Assam) for all bank related purposes.

On the matter, the Executive Director also stated some points and said, “as the Indian economy hugely depends upon financial inclusion of every citizen, RBI is committed to extending banking facilities to remotest parts of Arunachal Pradesh”.

She sought the cooperation of the state government in providing digital connectivity which has become the core of all banking activities.

Marandi suggested the installation of V-SATS in areas where cable connectivity has not yet reached or is almost impossible in the near future.

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“The DoNER ministry can be pursued by the state government to liaise with ISRO and find possibilities of using its V-SAT facility for connectivity. Once connectivity is in place, we will pursue the banking sector to extend their facilities in these areas,” Marandi suggested.

Adding to this, Marandi also suggested the opening of Customer Service Points (CSPs) in rural areas, which offer almost all banking services.

In order to expand the service, she sought the support of local administrations as well.

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