Arunachal: RBI’s Itanagar branch to start functioning this year

Itanagar: Itanagar, the capital of Arunachal Pradesh is all set to become the 32nd city of the country to boast a sub-office of the Reserve Bank of India (RBI).

The RBI’s sub-office at Itanagar, which is expected to start functioning later this year, would be leveraging its operations, especially in financial inclusion, besides carrying out literacy and awareness programmes.

To discuss matters regarding the establishment of the new office, deputy chief minister Chowna Mein had a fruitful meeting with RBI North Eastern Region regional director Sanjeev Singha and other senior officials of the bank at his residence here on Monday, officials said.

Mein assured to extend all support and cooperation to the bank for smooth establishment and functioning of its office in the state capital.

Officials said a building, on lease, has also been identified at Chimpu near here for the bank’s operations to begin.

“The sub-office should start functioning once the renovation work is complete. Once established, the office would ease up financial inclusion and transaction to a great level as the state has to depend on the RBI office at Guwahati for all purposes,” the officials added.

The RBI which is India’s central bank and regulatory body at present has offices in 31 locations of the country including six in the northeastern states of Assam, Sikkim, Meghalaya, Tripura, Mizoram and Manipur.

Among others, PHE minister Wangki Lowang, commissioner (planning) Prashant Lokhande, finance secretary Y W Ringu, RBI Guwahati deputy general manager Saba Shaikh were present in the meeting.

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