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RBI to open its regional office in Uttarabchal:Reddy

Written by: Staff
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Dehradun, May 5 (UNI) Reserve Bank of India today announced it's decision to open its regional office in Uttaranchal and provide license for foreign currency exchange to the banks in view of the increasing tourism activity in the state.

The RBI will also rejuvenate co-operative banks and accelerate loan disbursing process in the state.

'' Taking into the consideration a better financial management and increasing Credit Deposit Ratio (CDR) in the state the RBI will open its regional office in coming two months,'' said Governor of Reserve Bank of India Y V Reddy in RBI board meeting held at Mussoorie today.

Further emphasising on better banking in rural areas he said banking facilities would be provided in rural areas through Post Offices and as required, branches of various banks would be opened.

Appreciating the state government's progress in the tourism sector Mr Reddy gave a nod to render foreign currency exchange license to the banks . He said co-operative banks would be rejuvinated and loan distribution process would be accelerated.

Chief Minister N D Tiwari while addressing the meeting said the CDR in the state has risen to 44 per cent from 20 per cent in five years and was looking forward to take it to 60 per cent. He said Uttaranchal was the first state to provide loan at 5 per cent interest to the farmers by bringing down the interest rate.

UNI/LPT ARB PM1926

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