RBI opens sub office in Imphal in Manipur

GUWAHATI: Reserve Bank of India ( RBI) on Saturday opened its sub-office in Imphal in Manipur.

Manipur chief minister, O Ibobi Singh and Harun R Khan, Deputy Governor, Reserve Bank of India inaugurated the Reserve Bank’s sub-office in Imphal.

The Imphal Office of the Reserve Bank will have financial inclusion and development Department, Consumer Education and Protections Cell and Market Intelligence Unit. With opening of Imphal office, the Reserve Bank now has offices in five of the seven states in the North East.

According to RBI, the Imphal office will work in close coordination of the state government, NABARD and the banks for financial and banking development of the state.

Chief Minister said that unbanked blocks should have banking presence as soon as possible. He urged that the Reserve Bank, NABARD and banks should play more proactive role in inclusive growth of the state

Harun R Khan said that the 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.

Khan said that 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’. He also stressed on digital connectivity to improve banking facilities through branches and their business correspondents.(eom)