In a significant move, the Reserve Bank of India (RBI) has established a sub-office in Itanagar, Arunachal Pradesh, bolstering its commitment to financial inclusion and development in the region. Dr. Michael Debabrata Patra, Deputy Governor of RBI, inaugurated the sub-office on October 20, 2023, marking a milestone in the central bank’s regional presence.
A Multifaceted Approach
The newly inaugurated sub-office in Itanagar is equipped with various departments and cells that will cater to the unique financial and developmental needs of the region. These specialized units include:
1. Financial Inclusion and Development Department (FIDD)
The FIDD at RBI’s Itanagar sub-office is geared towards addressing financial inclusion challenges specific to the state of Arunachal Pradesh. This department plays a pivotal role in ensuring that marginalized and underbanked populations have access to formal financial services, fostering economic growth and stability.
2. Human Resource Management Department (HRMD)
HRMD’s presence signifies RBI’s commitment to nurturing local talent and fostering employment opportunities in the region. It aims to build a skilled workforce, ensuring that Arunachal Pradesh has the necessary human resources to support economic development.
3. Consumer Education and Protection Cell (CEPC)
CEPC focuses on educating and safeguarding the rights of consumers in Arunachal Pradesh. As financial markets expand, the cell helps citizens make informed financial decisions and ensures that their interests are protected.
4. Market Intelligence Cell (MIC)
The Market Intelligence Cell monitors and assesses the financial landscape in Arunachal Pradesh, providing valuable insights to RBI. This cell plays a crucial role in the central bank’s policymaking, enabling it to tailor its strategies to the region’s specific needs and challenges.
Complete Northeastern Coverage
With the inauguration of the sub-office in Itanagar, RBI has now extended its reach to all seven states in the northeastern region of India. This presence in Arunachal Pradesh, in addition to its existing offices in Assam, Manipur, Meghalaya, Mizoram, Nagaland, and Tripura, underscores the central bank’s dedication to promoting financial stability, economic development, and financial inclusion across the entire northeast.
Important takeaways for all competitive exams:
- RBI Governor: Shaktikanta Das;
- RBI Founded: 1 April 1935, Kolkata;
- RBI Founder: British Raj;
- RBI Headquarters: Mumbai, Maharashtra, India.