Sunday, October 04, 2009
"We are here after a long gap of 12 years," RBI Governor D. Subba Rao quipped at a press meet. Elaborating further, he said that out of the seven meetings of the Board of Directors, four are annually held in the metros, and the other three taking place at the state capital by rotation.
Rao, who had earlier in the day called on Sikkim Chief Minister P K Chamling at his Mintokgang residence, said that he advised the latter that Sikkim or other north eastern states cannot take for granted the generous allocation of the Central grants in future as well.
The RBI Governor described Sikkim as an important financial
destinations in the country with tremendous potential in terms of penetrations by the banks as compared to other states.
Rao said that it has also been decided to set up 10 more branches of various banks across the states and four more currency chests in addition to three such currency chests already functioning in Gangtok.
The RBI Governor said that the apex bank has also taken note of the Chief Minister's observations of delay in the transfer of the central grants in the accounts of the state government and said that the banks have been directed to keep sufficient liquidity to make available the central funds to the state at the earliest.
The Reserve Bank said that banks would open additional currency chests in Sikkim in the next nine months to cover all the district headquarters in the State.
"Banks will open additional currency chests in the State of Sikkim within the next nine months so as to cover all the district headquarters in the State," RBI said in a release.
It further said that banks and the State administration will also work in close coordination to enhance credit flow in the state.
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