The Reserve Bank of India (RBI) has taken a significant step towards strengthening its presence in North East India by opening a sub-office in Kohima, the capital of Nagaland. With this move, RBI aims to expand its reach in the region and better serve the financial needs of the people. Additionally, the central bank has announced its intention to establish an office in Itanagar, further demonstrating its commitment to enhancing its operations in the North East.
Expansion Efforts in North East India:
Deputy Governor Michael Debabrata Patra inaugurated the sub-office in Kohima, which marks a milestone in the RBI’s efforts to increase its footprint in the North East. The opening of this office will facilitate the central bank’s engagement with various stakeholders and promote financial inclusion in the region. Currently, RBI has a presence in Assam, Manipur, Meghalaya, Mizoram, Tripura, and Nagaland.
Functions of the Kohima Sub-Office:
The newly opened sub-office in Kohima will house several essential departments and cells to ensure efficient operations. These include the Financial Inclusion and Development Department (FIDD), which will work towards promoting financial services access to underserved communities in the region. The Consumer Education and Protection Cell (CEPC) will educate and safeguard consumers against financial frauds and malpractices.
Additionally, the sub-office will feature a Market Intelligence Cell responsible for gathering and analyzing financial market data to support informed decision-making. The Human Resource Management Department (HRMD) will oversee personnel-related matters to ensure a competent and motivated workforce. However, currency management for Nagaland will continue to be handled by the Guwahati office until the establishment of the Itanagar office.
Upcoming Office in Itanagar:
In its commitment to bolster its presence in the North East, RBI has announced plans to set up an office in Itanagar, the capital of Arunachal Pradesh. Until the Itanagar office becomes operational, the Guwahati office will continue to serve the financial needs of Arunachal Pradesh. This strategic move will allow the central bank to address the unique requirements of the state and strengthen its engagement with local stakeholders.
Key Leadership and Management:
The sub-office in Kohima will be headed by General Manager Paresh Chauhan, an experienced professional who will oversee the day-to-day operations. With his expertise and guidance, the sub-office is poised to play a pivotal role in driving financial development and inclusion in Nagaland. Under his leadership, the office will work towards ensuring efficient and effective implementation of RBI’s policies and initiatives in the region.