Sikkim to become a model banking state in Northeast

GANGTOK - Sikkim is all set to become a model banking state in the Northeastern region of the country.

With the aim of making access to banks easier for the people, the 27th office of the Reserve Bank of India (RIB) was inaugurated at Gangtok.

The Gangtok RBI office will have a rural planning and credit department including a ‘financial inclusion cell’, which will coordinate with the National Bank for Agriculture and Rural Development (NARBARD) and commercial banks.

Under the financial inclusion schemes, bank accounts will be provided to people who have applied for assistance from various RBI schemes and better banking facilities will be given to its customers.

The sub-office of RBI is also aiming to create awareness about financial literacy amongst the people of the state.

“There are many functions like currencies function, issues function and others. So, it becomes difficult to manage from office far away from this place. Those things can be attended. Our people will be able to monitor things more closely. And if we succeed, we can implement it to other states of Northeast,” said K.C. Chakrabarty, RBI Deputy Governor.

In October 2009 the RBI held a central board meeting in Sikkim, headed by bank Governor Dr D Subbarao and the decision was taken to set up a sub-office in the region.here are other initiatives taken by various Indian banks to provide their services to people of Northeast as well.

In September, 2009 Reserve Bank of India organized an outreach camp to raise awareness about banking and central banking services in Pitra Village of Tripura, along with the setting up of a Committee on Financial Sector Development.

In Assam, the United Bank of India (UBI) also drew up a plan for economic upliftment of the seven north-eastern states called ‘Vision 2020 for northeast’ that focuses on people in the rural reas. By Tashi Pradhan (ANI)