RBI opens sub-office in Imphal

MUMBAI: The Reserve Bank today opened a sub-office in Imphal which will have separate departments for financial inclusion and development, consumer education and market intelligence.

"With opening of Imphal office, the Reserve Bank will now have offices in five of the seven states in the North East," the RBI said in a press release.

The sub-office was inaugurated by Manipur Chief Minister O Ibobi Singh and RBI Deputy Governor Harun R Khan.

The Imphal office will work in close coordination of the state government, Nabard and the banks for financial and banking development of the state, it said.

The state chief minister said that RBI's initiative to open a new office in Imphal, will help unbanked blocks to have have banking presence as soon as possible.

He added that the Reserve Bank, Nabard and banks should play more proactive role in inclusive growth of the state.

Singh further said the state government will focus on flood control under the Rural Infrastructure Development Fund (RIDF).

Khan said Reserve Bank is sensitive to the needs for economic and financial development of North East states, focusing particularly on small states like Manipur and opening of Imphal office is a step in this direction.

"The Payment Systems Vision of the Reserve Bank for North East states is also being carried out keeping in view the hilly terrain," he added.

Banking penetration needs to be improved, he said and stressed the potential of development of agriculture, in particular organic agriculture, horticulture, handlooms and handicrafts, self help groups, joint liability groups and development of exports under 'Look East Policy'.

Khan also stressed on digital connectivity to improve banking facilities through branches and their business correspondents.