RBI decides to introduce forex in Meg's Indo-Bangla border

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Shillong, May 8 (UNI) The Reserve Bank of India has decided to introduce foreign exchange and other banking facilities in three trading points between India and Bangladesh in Meghalaya, a senior government official today said.

The RBI took this decision during the meeting between RBI Governor Dr Y V Reddy with State Chief Secretary Ranjan Chatterjee and other senior banking officials here.

''The RBI has shown keen interest to introduce Forex in certain trading points between India and Bangladesh in Meghalaya to ease Indian exporters,'' Mr Chatterjee told reporters.

Dr Reddy, who also called on Chief Minister Dr Donkupar Roy, also stressed the need to identify Meghalaya's Unique Selling Point (USP) to attract investors to invest in this hill state.

Mr Chatterjee said the RBI governor expressed concern over the low credit deposit ratio of 44 per cent in Meghalaya compared to the all India average of 73.4 per cent.

He said the RBI officials during the meeting felt the need of commercial banks operating in the state to increase the credit facilities to the rural areas.

Earlier, the state government officials to set up banking facilities in eight unbanked blocks in the state where there is no presence of the commercial banks, barring the rural banks. Of the eight blocks, Mr Chatterjee said two blocks -Saipung in Jaintia Hills and Gambegre in Garo Hlls did not even have regional rural banks when compared to the rest of the other blocks.

The RBI Governor also discussed issues pertaining to credit for SMEs, small-scale projects, the agriculture sector and self-help groups in the state with Dr Roy.


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