Mumbai, Oct 19 (KNN)  To support state governments of Manipur and Mizoram, NABARD and the banks for financial and banking development of the states, the Reserve Bank of India has opened sub offices in Imphal and Aizawl.

The Imphal Office of the Reserve Bank which opened on October-17 will have Financial Inclusion and Development Department, Consumer Education and Protections Cell and Market Intelligence Unit, an official RBI notification said.

The sub-office at Aizawl which opened on October-15 will take care of the immediate needs of the State of Mizoram. The Sub-office comprises Financial Inclusion and Development Department (FIDD), Market Intelligence Cell and Consumer Education and Protection Cell (for complaints), the official release said.

With the opening of Imphal office, the Reserve Bank will now have offices in five of the seven states in the North East. 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.

Appreciating the Reserve Bank’s initiative to open a new office of the Reserve Bank of India in Imphal, the Chief Minister O Ibobi Singh said that unbanked blocks should have banking presence as soon as possible. He urged that the Reserve Bank, NABARD and banks to play more proactive role in inclusive growth of the state. He indicated that that the state government will focus on flood control under the Rural Infrastructure Development Fund (RIDF).

Speaking during the inauguration of the Imphal sub office, Deputy Governor, 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.

Explaining the role and functions of the Reserve Bank, Khan said that the Payment Systems Vision of the Reserve Bank for North East states is also being carried out keeping in view the hilly terrain.

Further, 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.  (KNN Bureau)